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Blackstone To Purchase PIRET For $3.8B

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

New York-based Blackstone Property Partners plans to acquire Canada's Pure Industrial Real Estate Trust in an all-cash transaction valued at $3.8B.

“The Trust has accomplished tremendous growth in the 10 years since the initial public offering in August 2007. Since inception, we have generated a total return in excess of 345% and we have built a platform that has made us a leader in the Canadian industrial REIT space,” PIRET board of trustees Chairman Rick Turner said in a news release.

Official completion of the transaction — priced at $8.10 per unit — is expected to occur in Q2, subject to customary conditions, including approval of at least two-thirds of unit holders. 

“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,” Blackstone Real Estate head of North American Acquisitions Tyler Henritze said.

“The management team has done an excellent job building the portfolio and we look forward to working together going forward.” 

PIRET, which has offices in Vancouver and Toronto, has a portfolio that includes 168 properties (22.7M SF) in Canada and the United States as of June 30. One-third of those properties are in Ontario. 

“I am extremely proud of my team’s accomplishments over the past several years,” PIRET President and CEO Kevan Gorrie said. 

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