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Blackstone To Partner With Ivanhoé Cambridge On $3.8B PIRET Acquisition

Blackstone Group will join forces with Ivanhoé Cambridge to acquire Vancouver-based Pure Industrial Real Estate Investment Trust, according to sources familiar with the deal. 

Kevan Gorrie CEO PIRET deal Blackstone
PIRET President and CEO Kevan Gorrie

Blackstone’s plan to buy PIRET for roughly $3B were announced last week, but Ivanhoé Cambridge has since entered the equation taking a roughly 40% stake in the REIT, Bloomberg reports.  

This not the first time the two have partnered on a real estate venture. The pair also purchased Stuyvesant Town-Peter Cooper Village in Manhattan two years ago for $5.3B.

PIRET has offices in Vancouver and Toronto and boasts a portfolio of 168 properties spanning Canada and the U.S. The REIT focuses much of its growth on the increasingly popular e-commerce sector, Bloomberg reports.

The acquisition is expected to close in Q2, and is subject to customary conditions and unit holder approval.