Pure Industrial Real Estate Trust announced the closing of a 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 Pure Industrial (each, a “Unit”) for $8.10 per Unit in cash.
Blackstone Property Partners and Ivanhoé Cambridge will own respectively 62 percent and 38 percent of the trust. Hogan Lovells represented Ivanhoé Cambridge on the deal; the team included partners Mark Eagan and Bruce Gilchrist, attorney Janae Magee and associate Ben Unger.
The industrial portfolio contains properties throughout Canada and the United States, including two in Illinois. Those are 7800 Turkey Hollow Road in Rock Island and 1234 Peterson Drive in Wheeling. The Rock Island property is a fully leased, 189,926-square-foot, single-tenant warehouse constructed in 2014. The 147,082-square-foot Wheeling property was constructed in 1987 but fully renovated in 2014. It is fully leased to FedEx and the property includes five acres of vacant land for future development.