Blackstone Acquires Logistics REIT for $3.8 Billion

An affiliate of Blackstone Property Partners paid $3.8 billion to purchase Canadian-based Pure Industrial Real Estate Trust (PIRET), a logistics and industrial REIT, reported Real Estate News Exchange.

As of August 2017, the Vancouver-based PIRET owned 168 properties in seven Canadian provinces (British Columbia, Alberta, Saskatchewan, Manitoba, Ontario, Quebec and New Brunswick) as well as in seven U.S. states.

About 33 per cent of its 22.7 million feet of gross leasable space is in Ontario, while 32 per cent was in its American portfolio.