Blackstone and Ivanhoé Cambridge Acquire Pure Industrial REIT for $3.8 Billion
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Goodmans represented Pure Industrial Real Estate Trust (PIRET) in connection with its all-cash acquisition by Blackstone Property Partners and Ivanhoé Cambridge Inc., a subsidiary of Caisse de dépôt et placement du Québec, for $8.10 per unit in a transaction valued at $3.8 billion including debt. Affiliates of Blackstone Property Partners and Ivanhoé Cambridge Inc. acquired 62% and 38% of PIRET, respectively.
PIRET owns and operates a diversified portfolio of income-producing properties in leading markets across Canada and key distribution and logistics markets in the United States. PIRET was one of the largest publicly-traded REITs in Canada that offered investors exposure to industrial real estate assets in Canada and the United States.