Pure Industrial Real Estate Trust, an 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, revealed at a special of the unitholders of the Trust, a plan to which 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. The deal was approved for $8.10 per unit in cash.
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 US and noted in a prepared statement that approximately 99.66% of the units represented at the meeting, in person or by proxy, were voted in favor of the special resolution approving the transaction.
The Trust will apply for the final order of the Supreme Court of British Columbia to approve the Transaction on March 29, 2018. Completion of the transaction remains subject to the satisfaction of certain customary closing conditions, including court approval and receipt of approval under the Investment Canada Act. The transaction is expected to be completed in the second quarter of this year.
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.”