Pure Industrial Real Estate Trust recently revealed that the Supreme Court of British Columbia has issued a final order approving its previously-announced plan of arrangement. As The REIT Wire previously reported that arrangement was where an affiliate of Blackstone Property Partners, the Core+ real estate investment unit of Blackstone, would acquire all of the issued and outstanding trust units of the Trust for $8.10 per unit in cash.
Completion of the transaction remains subject to the satisfaction of certain customary closing conditions, including receipt of approval under the Investment Canada Act. According to a prepared statement, subject to the satisfaction or waiver of all of the conditions to the transaction, the transaction is expected to be completed in the second quarter of this year.
Pure Industrial Real Estate Trust 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. The Trust is an internally managed REIT and is one of the largest publicly-traded REITs in Canada that offers investors exposure to industrial real estate assets in Canada and the United States.
Blackstone is a global leader in real estate investing. Blackstone’s real estate business was founded in 1991 and has approximately US$115 billion of assets under management.
The REIT Wire will watch this deal for more information and will follow up on the deal when it closes, but earlier this month, Glass Lewis from Glass, Lewis & Co. LLC advisory firm said that he believed the purchase price represented a “fair price at which unitholders can cash out their investments in the Trust and immediately realize a certain value at an attractive premium to unaffected trading prices. Based on these factors, along with the unanimous support of the board, we believe the proposed acquisition is in the best interests of unitholders.”