Blackstone to Acquire Pure Industrial REIT for $2 Billion

A Blackstone Group LP affiliate agreed to acquire Canada’s Pure Industrial Real Estate Investment Trust in a C$2.48 billion ($2 billion) all-cash deal that would allow it to tap into surging demand for warehouse space as consumers shift to online purchases.

Blackstone Property Partners will pay C$8.10 a share for the Vancouver-based REIT, or 21 percent more than the Jan. 8 closing price, according to a statement Jan. 9. The company owns and operates industrial properties across Canada and in key logistics markets in the U.S. The transaction is valued at C$3.8 billion including debt, according to the statement.

Pure ...