Blackstone to buy Canadian REIT Pure Industrial in C$2.5b deal

Blackstone Property Partners, a core-plus real estate investment unit managed by Blackstone, plans to buy Canadian REIT Pure Industrial Real Estate Trust in an all-cash deal valued at about C$2.48 billion ($2 billion).

Pure Industrial said it will continue to pay monthly distributions through the closing of the deal, which is expected next quarter.

PIRET is an unincorporated, open-ended investment trust that owns and operates a diversified portfolio of income-producing industrial properties in leading markets across Canada and key distribution and logistics markets in the United States.