Blackstone Buying Vancouver’s Pure Industrial Real Estate Trust for $3.8B

An affiliate of Blackstone Property Partners is acquiring Vancouver, Canada-based Pure Industrial Real Estate Trust (PIRET) in an all-cash transaction valued at $3.8 billion. The transaction price of $8.10 per unit represents a 21% premium to the closing price of PIRET’s units on the TSX on January 8, 2018, the last trading day prior to the announcement of the deal.

Blackstone Real Estate’s Tyler Henritze says, “We are excited to be acquiring PIRET, one of the premier Canadian industrial REITs, as a continuation of our global strategy to acquire high-quality logistics assets in key urban markets. The management team has done an excellent job building the portfolio and we look forward to working together going forward.”

PIRET owned a $3-billion portfolio of industrial assets encompassing 175 properties totaling nearly 25 million square feet in Canada. The transaction is expected to close in Q2 2018.

Pictured King Mill II 150 Distribution Drive, McDonough, GA

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About Dennis Kaiser

Dennis Kaiser is Vice President of Public Relations and Communications for Connect Creative. Dennis is a communications leader with more than 40 years of experience including as a journalist and in corporate and agency marketing communications roles. He is responsible for Connect Creative’s agency client services and is involved in a range of initiatives ranging from public relations and content strategy, communications and message development, copywriting, media relations, social media and content marketing services. Prior to joining Connect Media in 2015, his most recent corporate communications roles involved leading a regional public relations effort across Southern California for CBRE, playing a key marketing role on JLL’s national retail team, and directing the global public relations effort at ValleyCrest (BrightView), the nation’s largest commercial landscape services company. He has worked on marketing communications assignments for such CRE companies as Blackstone/Equity Office, Carlyle, Caruso, Disney Resorts, GE Capital, Irvine Company, Hines, Howard Hughes Corp., Jeffries, Lennar, MGM, Marcus & Millichap, Prologis, Raleigh Studios, Simon, Starwood, Trammell Crow Company, Transamerica, UBS and Wynn Resorts. Dennis has also worked on communications and launch strategies for a number of consumer electronic, media and tech brands including SlingMedia, Channel Master, Deluxe Media Entertainment, BeIn Sports, EchoStar and Sprint. Dennis’s agency background included firms such as Off Madison Ave., Idea Hall and Macy + Associates. He has earned an outstanding reputation with organization leaders as a trusted advisor, strategic program implementer, consensus builder and exceptional collaborator. Dennis has developed and managed national communications programs for Fortune 500 companies to start-ups, both public and private. He’s successfully worked with journalists across the globe representing clients involved in major-breaking news stories, product launches, media tours, and company news announcements. Dennis has been involved in a host of charitable and community organizations including the American Cancer Society, Easter Seals, Boy Scouts, Chrysalis Foundation, Freedom For Life, HOLA, L.A.’s BEST, Reach Out and Read, Super Bowl Host Committee, and the Thunderbirds Charities.

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Blackstone Buying Vancouver’s Pure Industrial Real Estate Trust for $3.8B

Inside The Story

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National CRE News In Your Inbox.

Blackstone Buying Vancouver’s Pure Industrial Real Estate Trust for $3.8B

Inside The Story

About Dennis Kaiser