Vancouver real estate trust bought by New York firm for $3.8 billion
A Vancouver-based real estate trust announced Tuesday morning that it has been bought by a New York firm for $3.8 billion.
That firm is Blackstone Property Partners, who have agreed to pay $8.10 in cash per unit to Pure Industrial Real Estate Trust (PIRET), as part of the total deal.
In a release, PIRET said the $8.10/unit price tag “represents a 21% premium to the closing price of PIRET Units on the TSX on January 8, 2018, the last trading day prior to the announcement of the Transaction.
Since its first initial public offering in August 2007, PIRET has “accomplished tremendous growth,” said Rick Turner, Chairman of PIRET’s Board of Trustees. “Since inception, we have generated a total return in excess of 345% and we have built a platform that has made us a leader in the Canadian industrial REIT space.”
Turner’s thoughts were echoed by PIRET’s Preseident and CEO, Kevan Gorrie.
“I am extremely proud of my team’s accomplishments over the past several years,” he said.“Blackstone is a highly reputable and strategic owner and one of the world’s most active investors in logistics real estate. We look forward to further building out our platform.”
Blackstone Real Estate’s Tyler Henritze said the company was “excited to be acquiring PIRET… as a continuation of our global strategy to acquire high-quality logistics assets in key urban markets.”
PIRET’s management team, he said, “has done an excellent job building the portfolio and we look forward to working together going forward.”
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