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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.

Paul Bubny

Paul Bubny is managing editor of Real Estate Forum and GlobeSt.com. He has been reporting on business since 1988 and on commercial real estate since 2007. He is based at ALM Real Estate Media Group's offices in New York City.

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