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2 proxy firms back Blackstone affiliate's plan to acquire Pure Industrial

Pure Industrial Real Estate Trust said proxy advisory firms Institutional Shareholder Services Inc. and Glass Lewis & Co. LLC have both recommended that unit holders approve a Blackstone Group LP affiliate's offer to buy the trust, at a special meeting to be held March 23.

Unit holders on record Jan. 24 may vote during the meeting.

The Canadian real estate investment trust signed a definitive agreement in early January to be acquired by the Blackstone affiliate in a C$3.8 billion all-cash deal, including debt, at a per-unit price of C$8.10.

Pure Industrial's board deemed the transaction to be in the best interest of the trust and made a similar recommendation to unit holders.