Pure Industrial Real Estate Announces Closing of Plan of Arrangement
Pure Industrial Real Estate Trust announced on Friday, the closing the previously-announced plan of arrangement, pursuant to which an affiliate of Blackstone Property Partners, the Core+ real estate investment unit of Blackstone, and Ivanhoé Cambridge, a subsidiary of CDPQ, acquired all of the issued and outstanding trust units of the Trust for $8.10 per Unit in cash. Blackstone Property Partners and Ivanhoé Cambridge will own respectively 62% and 38% of the Trust respectively.
The Units ceased trading on the Toronto Stock Exchange (the “TSX”) and were delisted from the TSX at close of business yesterday, with the completion of transaction. The Trust will also cease to be a reporting issuer under applicable Canadian securities laws.
Blackstone’s real estate business was founded in 1991 and has approximately US$120 billion of assets under management. Blackstone’s real estate portfolio includes hotel, office, retail, industrial and residential properties in the US, Europe, Asia, Australia and Latin America. Major holdings include Hilton Worldwide, Invitation Homes (single family homes), Logicor (pan-European logistics) and prime office buildings in the world’s major cities.
Ivanhoé Cambridge develops and invests in high-quality real estate properties, projects and companies that are shaping the urban fabric in dynamic cities around the world.