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.
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.