Blackstone and Ivanhoé Cambridge acquire Pure Industrial REIT for $3.8B

Blackstone Property Partners and Ivanhoé Cambridge Inc., a subsidiary of Caisse de dépôt et placement du Québec, completed their all-cash acquisition of Pure Industrial Real Estate Trust (PIRET) for $8.10 per unit in a transaction valued at $3.8 billion including debt. Affiliates of Blackstone Property Partners and Ivanhoé Cambridge Inc. acquired 62% and 38% of PIRET, respectively. 

PIRET owns and operates a diversified portfolio of income-producing properties in leading markets across Canada and key distribution and logistics markets in the United States. PIRET was one of the largest publicly-traded REITs in Canada that offered investors exposure to industrial real estate assets in Canada and the United States. 

Osler, Hoskin & Harcourt LLP represented Blackstone in Canada with a team led by Manny Pressman and Alex Gorka and including Brett Anderson, Douglass Dawson and Kevin Feng (M&A), Adrian Hartog, Ryan Nielsen, Sandy Yeung, Josh Disenhouse and Sonam Pandya (real estate), Peter Glossop and Gajan Sathananthan (regulatory), Joyce Bernasek, Joshua Lam, Marta Rochkin and Arthur Rousseau (financing), and Jack Silverson and David Davachi (tax). 

Blackstone was represented in the United States by Simpson Thacher & Bartlett LLP with a team led by Brian Stadler and Sas Mehrara and including Matthew Rogers, Mark Viera and Matthew Freeze (M&A), Davis Coen, Alison Ando, Scott Farmer, Ryan Issa and Tatiana Mejia-Uribe (real estate), Nancy Mehlman and Sophie Staples (tax), Parker Kelsey, Audra Cohen and Michael Milano (private funds). 

Ivanhoé Cambridge was represented internally by Denis Boulianne, Jenny Ross, Guenhaëlle Surpas-Lemonnier and Claudie Imbleau-Chagnon. 

Stikeman Elliott LLP represented Ivanhoé Cambridge in Canada with a team led by Stefan Fews and Warren Katz and including David Tardif, Jason Paperman and Louis-Paul Gamache (M&A), Serge Levy (financing), and Jeffrey Brown and Megan MacDonald (regulatory). Marie-Emmanuelle Vaillancourt of Davies Ward Phillips & Vineberg LLP acted as tax counsel to Ivanhoé Cambridge. 

Ivanhoé Cambridge was represented in the United States by Hogan Lovells US LLP with a team including Mark Eagen (real estate), Benjamin Unger (M&A) and Bruce Gilchrist (financing). 

Goodmans LLP represented PIRET with a team led by Stephen Halperin and Chris Sunstrum and including Emily Weizel and Dan Eitutis (M&A); Jon Northup, Jarrett Freeman and Kabir Jamal (tax), Tom Friedland and Peter Kolla (litigation), Joe Conforti (employment), Jeffrey Shore (leasing), and Michael Koch (Investment Canada). 

Clark Wilson LLP also represented PIRET with a team including James Speakman and Vikram Dhir (corporate), and Brent Meckling and Sean Tessarolo (litigation). 

PIRET was represented in the United States by Greenberg Traurig, LLP with a team led by Mark E. Baker.

Torys LLP represented Greenhill & Co., Inc. as financial advisor to the Special Committee and the Board of Trustees of PIRET with a team that included John Emanoilidis, Stephen Abrahamson and Kevin Armitage.