Company News

Blackstone to buy Canadian REIT Pure Industrial in C$2.5 bln deal

Jan 9 (Reuters) - Blackstone Property Partners is to buy Pure Industrial Real Estate Trust in an all-cash deal valued at about C$2.48 billion ($2 billion), the Canadian REIT said on Tuesday.

Blackstone’s offer of C$8.10 per Pure Industrial’s unit represents a premium of 20.5 percent to its closing price on Monday on the Toronto Stock Exchange.

Pure Industrial, which owns and operates industrial properties across North America, said it will continue to pay monthly distributions through the closing of the deal, which is expected next quarter.

BMO Capital Markets is acting as financial adviser to Pure Industrial and Goodmans LLP is acting as its legal counsel.

RBC Capital Markets and Citigroup are Blackstone’s financial advisers, while Osler, Hoskin & Harcourt LLP and Simpson Thacher & Bartlett LLP are its legal counsel. ($1 = C$1.24) (Reporting by Karan Nagarkatti in Bengaluru; Editing by Savio D’Souza)