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Blackstone Unit Wins Investment Canada Act Approval for Pure Industrial Real Estate Trust Acquisition
Monday 16 April 2018

16 April 2018 - US-based investment firm Blackstone's (NYSE: BX) Blackstone Property Partners Core+ real estate investment unit has received Investment Canada Act approval in connection with the firm's pending acquisition of Canadian REIT Pure Industrial Real Estate Trust (TSX: AAR.UN)

The arrangement has previously received shareholder approval, court approval and clearance under the Competition Act (Canada).

No further regulatory or shareholder approvals are required in connection with the arrangement. The Arrangement is expected to be completed in 2Q18 year.

Under the deal, which was announced in January, Blackstone Property Partners will acquire all of the issued and outstanding trust units of the Trust for USD 8.10 per unit in cash, all as more particularly described in the circular.

This meeting is scheduled to be held on 23 March.

The transaction has the unanimous support of a special committee of independent trustees of the trust, as well as the full board of trustees of the trust.

Pure Industrial Real Estate Trust is an unincorporated, open-ended investment trust that owns and operates a diversified portfolio of income-producing industrial properties in markets across Canada and key distribution and logistics markets in the United States.

The board of Trustees and the special committee have received a fairness opinion from each of BMO Capital Markets and Greenhill and Co.
Date Published: 16/04/2018
Target: Blackstone Property Partners
Country: Canada
Deal Size: 3.8bn (USD)
Sector: Construction/Real Estate
Type: LBO
Financing: Cash
Status: Agreed
Buyer: Pure Industrial Real Estate Trust