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BC court approves Pure Industrial's proposed sale to Blackstone affiliate

The Supreme Court of British Columbia approved Pure Industrial Real Estate Trust's proposed sale to an affiliate of private equity firm Blackstone Group LP's core-plus real estate investment unit.

Under the deal terms, the Blackstone Property Partners affiliate will acquire all of the industrial real estate investment trust's issued and outstanding units for C$8.10 per unit in cash.

The proposed deal, which was recently approved by Pure Industrial's unit holders, is expected to close during the second quarter, subject to the satisfaction or waiver of certain conditions.