Exterior of warehouse 200 Old Ranch Rd. in City of Industry, CA, one of nearly two dozen US properties in the PIRET portfolio.

VANCOUVER, B.C.—Less than a month after forging one 10-figure deal for industrial properties, the Blackstone Group has signed up for a second one. Blackstone Property Partners has agreed to acquire Pure Industrial Real Estate Trust (PIRET) in an all-cash transaction valued at approximately US$3 billion including the assumption of debt. Nearly one-third of the Canadian REIT’s 22.7-million-square-foot portfolio is spread across key US logistics markets.

The agreement calls for Blackstone to acquire all of the outstanding trust units of PIRET for approximately US$6.50 per unit. It represents a 21% premium to the closing price of PIRET units on the Toronto Stock Exchange on Monday, the last trading day prior to the announcement of the deal; and a 22% premium to PIRET’s volume-weighted average unit price on the TSX for the 30-day period ending Monday.

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