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The Blackstone Group offices in New York, U.S.

Scott Eells/The Globe and Mail

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.

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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.

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