Blackstone’s $3 Billion Acquisition of Pure Industrial Real Estate Trust

Simpson Thacher represented Blackstone in connection with its acquisition of Pure Industrial Real Estate Trust (“PIRET”) in an all-cash transaction valued at C$3.8 billion including debt. Completion of the transaction, which is expected to occur in the second quarter of this year, is subject to customary conditions, including approval of at least 66.6% of the votes cast by unitholders at a special meeting, court approval and regulatory approvals.

Blackstone will be making this investment through Blackstone Property Partners (“BPP”), its Core+ real estate investment unit. BPP targets substantially stabilized office, industrial, multifamily and retail assets.

PIRET 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. The Trust is an internally managed REIT and is one of the largest publicly-traded REITs in Canada that offers investors exposure to industrial real estate assets in Canada and the United States. Its units trade on the Toronto Stock Exchange.

The Simpson Thacher team includes Brian Stadler (Picture), Matt Rogers, Mark Viera and Matt Freeze (M&A); Sas Mehrara, Alison Ando, Scott Farmer, Ryan Issa, Jeff Levine and Tatiana Mejia-Uribe (Real Estate); Nancy Mehlman, Sophie Staples and Sarah Julian (Tax); Greg Grogan and Jeannine McSweeney (Executive Compensation and Employee Benefits); Adeeb Fadil and Noreen Lavan (Environmental); and Parker Kelsey and Audra Cohen (Private Funds).

 

Involved fees earner: Brian Stadler – Simpson Thacher & Bartlett; Matthew Rogers – Simpson Thacher & Bartlett; Mark Viera – Simpson Thacher & Bartlett; Sasan Mehrara – Simpson Thacher & Bartlett; Alison Ando – Simpson Thacher & Bartlett; Scott Farmer – Simpson Thacher & Bartlett; Ryan Issa – Simpson Thacher & Bartlett; Jeffrey Levine – Simpson Thacher & Bartlett; Nancy Mehlman – Simpson Thacher & Bartlett; Sophie Staples – Simpson Thacher & Bartlett; Gregory Grogan – Simpson Thacher & Bartlett; Jeannine McSweeney – Simpson Thacher & Bartlett; Adeeb Fadil – Simpson Thacher & Bartlett; Noreen Lavan – Simpson Thacher & Bartlett; Parker Kelsey – Simpson Thacher & Bartlett; Audra Cohen – Simpson Thacher & Bartlett;

Law Firms: Simpson Thacher & Bartlett;

Clients: Blackstone;

 

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Author: Ambrogio Visconti