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Blackstone JV's C$3.8B acquisition of Pure Industrial closes

Pure Industrial Real Estate Trust closed its C$3.8 billion deal with an affiliate of Blackstone Group LP's core-plus real estate investment unit Blackstone Property Partners and its partner Ivanhoe Cambridge Inc.

Under the deal, all of the issued and outstanding units of the trust were acquired by the joint venture for C$8.10 per unit in cash.

Blackstone Property Partners and Ivanhoé Cambridge will own the industrial real estate investment trust in the ratio of 62% and 38%, respectively.

The trust's units ceased to trade on the Toronto Stock Exchange upon the May 24 completion of the deal.