19 August 2018
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Canadian industrial REIT sold to Blackstone

10 January 18 - RE+D Magazine
Canadian industrial REIT sold to Blackstone

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US private equity group Blackstone is buying Toronto-listed Pure Industrial Real Estate Trust (PIRET) for €3.2billion.

 

The Canadian industrial REIT said it has agreed to sell all of its units to Blackstone Property Partners (BPP) at $8.10 each in an all-cash deal that includes debt.

According to realassets.ipe.com, PIRET, which invests predominantly in Canadian logistics assets (less than a third of its portfolio is in the US), was listed in August 2007.

The price being paid per unit for PIRET represents a 21% premium to its last stock closing price. The amount also implies a 27% premium to net-asset value estimates of $6.40 per unit, PIRET said.

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