Pure Industrial Real Estate Trust closes plan of arrangement with Blackstone and Ivanhoe Cambridge

On May 24, 2018, Pure Industrial Real Estate Trust (the "Trust") announced the closing of its previously announced plan of arrangement, pursuant to which an affiliate of Blackstone Property Partners, the Core+ real estate investment unit of Blackstone, and Ivanhoé Cambridge, a subsidiary of CDPQ, acquired all of the issued and outstanding trust units of the Trust for C$8.10 per unit in an all-cash transaction valued at C$3.8 billion, including debt.

Blackstone Property Partners and Ivanhoé Cambridge will own 62% and 38% of the Trust, respectively.

With the completion of the transaction, the units ceased trading on the Toronto Stock Exchange and were delisted from the TSX.

Pure Industrial Real Estate Trust is an unincorporated, open-ended investment trust that owns and operates a diversified portfolio of income-producing industrial properties in leading markets across Canada and key distribution and logistics markets in the United States.

Blackstone is a global leader in real estate investing, with a portfolio that includes hotel, office, retail, industrial and residential properties in the US, Europe, Asia and Latin America.

Ivanhoé Cambridge develops and invests in high-quality real estate properties, projects and companies. Through subsidiaries and partnerships, Ivanhoé holds interests in more than 1,000 buildings, primarily in the residential, office, retail, industrial and logistics sectors.

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