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

Hogan Lovells represented global real estate investment company Ivanhoe Cambridge in the acquisition, alongside Blackstone Property Partners, the Core+ real estate investment unit of Blackstone, of 100 percent of the outstanding trust units of Pure Industrial Real Estate Trust. The total transaction value is approximately US$3 billion.

Pure Industrial Real Estate Trust closed the 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 $8.10 per Unit in cash. Blackstone Property Partners and Ivanhoé Cambridge will own respectively 62% and 38% of the Trust.

With the completion of the Transaction, the Units ceased trading on the Toronto Stock Exchange (the “TSX”) and were delisted from the TSX at close of business today. The Trust will also cease to be a reporting issuer under applicable Canadian securities laws.

Blackstone is a global leader in real estate investing. Blackstone’s real estate business was founded in 1991 and has approximately US$120 billion of assets under management.

Ivanhoé Cambridge develops and invests in high-quality real estate properties, projects and companies that are shaping the urban fabric in dynamic cities around the world.

Hogan Lovells advised Ivanhoé Cambridge with a team including Mark Eagan (Picture), a New York-based partner and head of the Real Estate practice for the Americas, Washington D.C.-based corporate partner Bruce Gilchrist, Denver-based attorney Janae Magee, and New York-based associate Benjamin Unger.

 

Involved fees earner: Mark Eagan – Hogan Lovells; Bruce Gilchrist – Hogan Lovells; Benjamin Unger – Hogan Lovells;

Law Firms: Hogan Lovells;

Clients: Ivanhoe Cambridge;

 

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Author: Ambrogio Visconti