Exterior of warehouse 200 Old Ranch Rd. in City of Industry, CA, one of nearly two dozen US properties in the PIRET portfolio.

VANCOUVER, B.C.—Less than a month after forging one 10-figure deal for industrial properties, the Blackstone Group has signed up for a second one. Blackstone Property Partners has agreed to acquire Pure Industrial Real Estate Trust (PIRET) in an all-cash transaction valued at approximately US$3 billion including the assumption of debt. Nearly one-third of the Canadian REIT’s 22.7-million-square-foot portfolio is spread across key US logistics markets.