Blackstone to acquire PIRET in deal worth $3.8bn

By zaymalz malz

Vancouver-based Pure Industrial Real Estate Trust (PIRET), a diversified investment trust, has announced that it has entered into a definitive acquisition agreement with Blackstone.

The deal, valued at $3.8bn, will see PIRET acquired by Blackstone for $8.10 in an all cash transaction, inclusive of PIRET’s outstanding debt. This price represents a 21% premium on PIRET’s existing share value.

See also:

“We are excited to be acquiring PIRET, one of the premier Canadian industrial REITs, as a continuation of our global strategy to acquire high-quality logistics assets in key urban markets,” said Tyler Henritze, Head of North America Acquisitions for Blackstone Real Estate. “The management team has done an excellent job building the portfolio and we look forward to working together going forward.”

Since 2007, PIRET has generated a total return of more than 345%. However, the PIRET Board now believes that the transaction poses significant potential for the company’s shareholders.

“Blackstone is a highly reputable and strategic owner and one of the world’s most active investors in logistics real estate,” said Kevan Gorrie, President and CEO, PIRET. “We look forward to further building out our platform.”

Blackstone will be making the acquisition through its core real estate investment arm, Blackstone Property Partners.

Share

Featured Articles

DEI done right: Brook Sims, COO, MAC Diversity Recruiters

Passionate about helping others find their voice, diversity leader and COO Brook Sims talks powerful leadership, diverse teams and being a change agent

Q&A: China’s ecommerce innovator Jeff Li, CEO of Shoplazza

Named in Fortune China’s 40 under 40 for 2022, former Baidu head Jeff Li is the entrepreneurial founder and CEO of ecommerce platform Shoplazza

How hybrid work is revolutionising the physical office

As hybrid work models roll out worldwide, the purpose of the office is changing with collaboration, connection and networking taking centre stage

Trailblazer: Shanique Bonelli-Moore, DEI chief at Clorox

Sustainability

Dean Forbes – the Forterro CEO aiming for the moon

Leadership & Strategy

Why becoming a B Corp is good for business

Sustainability