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Pure Industrial unit holders OK proposed sale to Blackstone affiliate

Pure Industrial Real Estate Trust unit holders gave the green light to the company's proposed sale to an affiliate of private equity giant Blackstone Group LP's core-plus real estate investment unit.

The internally managed real estate investment trust, which operates industrial properties across Canada and certain U.S. markets, said about 99.66% of the units represented at its March 23 special unit holder meeting were voted in favor of the transaction. Under the terms of the deal, the Blackstone Property Partners affiliate will acquire all of Pure Industrial's issued and outstanding units in a cash deal valued at C$8.10 per unit.

Pure Industrial said it will seek final deal approval March 29 from the Supreme Court of British Columbia. Pending court approval and other customary conditions, the deal is anticipated to close in the second quarter.