New York-based Blackstone Property Partners has signed a deal to acquire Vancouver's Pure Industrial Real Estate Trust in a deal valued at $3.8 billion including debt.
Under the agreement, Blackstone will pay $8.10 a unit in cash for Pure.
The units closed at $6.72 on the Toronto Stock Exchange on Monday. Pure Industrial units were up more than 20 per cent in late morning trading.
Pure says the deal has the unanimous support of a special committee, as well as the trust's full board of trustees.
The deal requires approval by a two-thirds majority vote by unitholders as well as court and regulatory approvals.
Pure owns and operates a portfolio of industrial properties in markets across Canada and in the United States.