VANCOUVER, March 23, 2018 /PRNewswire/ - Pure Industrial
Real Estate Trust (TSX: AAR.UN) (the "Trust") today announced that
at the special meeting (the "Meeting") of the unitholders of the
Trust ("Unitholders") held earlier today, Unitholders approved the
previously-announced plan of arrangement pursuant to which an
affiliate of Blackstone Property Partners, the Core+ real estate
investment unit of Blackstone, will acquire all of the issued and
outstanding trust units of the Trust (each, a "Unit") for
$8.10 per Unit in cash (the
"Transaction").
Approximately 99.66% of the Units represented at the Meeting, in
person or by proxy, were voted in favour of the special resolution
approving the Transaction. Details of the voting results will be
filed under the Trust's profile at www.sedar.com and on the Trust's
website at www.piret.ca.
The Trust will apply for the final order of the Supreme Court of
British Columbia to approve the
Transaction on March 29, 2018.
Completion of the Transaction remains subject to the satisfaction
of certain customary closing conditions, including court approval
and receipt of approval under the Investment Canada Act. Subject to
the satisfaction or waiver of all of the conditions to the
Transaction, the Transaction is expected to be completed in the
second quarter of this year.
Unitholders who have questions or require assistance with
submitting their Units in connection with the Transaction may
direct their questions to Computershare Trust Company of
Canada, which is acting as
depositary in connection with the Transaction, by telephone at 1
(800) 564-6253 (toll free in North
America) or (514) 982-7555 (outside North America), by facsimile at (905) 771-4082
or by email at corporateactions@computershare.com.
ABOUT THE TRUST
The Trust is an unincorporated, open-ended investment trust that
owns and operates a diversified portfolio of income-producing
industrial properties in leading markets across Canada and key distribution and logistics
markets in the United States. The
Trust is an internally managed REIT and is one of the largest
publicly-traded REITs in Canada
that offers investors exposure to industrial real estate assets in
Canada and the United States.
Additional information about the Trust is available at
www.piret.ca or www.sedar.com.
ABOUT BLACKSTONE
Blackstone is a global leader in real estate investing.
Blackstone's real estate business was founded in 1991 and has
approximately US$115 billion of
assets under management. Blackstone's real estate portfolio
includes hotel, office, retail, industrial and residential
properties in the US, Europe,
Asia, Australia and Latin
America. Major holdings include Hilton Worldwide, Invitation
Homes (single family homes), Logicor (pan-European logistics) and
prime office buildings in the world's major cities.
FORWARD-LOOKING INFORMATION
Certain statements contained in this news release may
constitute forward-looking information within the meaning of
applicable Canadian securities laws. Forward-looking information is
often, but not always, identified by the use of words such as
"anticipate", "plan", "expect", "may", "will", "intend", "should",
and similar expressions. This information involves known and
unknown risks, uncertainties and other factors that may cause
actual results or events to differ materially from those
anticipated in such forward-looking information. Forward looking
information in this news release includes, but is not limited to,
the following: statements with respect to the timing of closing and
the expected completion of the Transaction and satisfaction of the
conditions required with respect thereto. There can be no assurance
that the proposed Transaction will be completed, or that it will be
completed on the terms and conditions contemplated in the
arrangement agreement.
The forward-looking information contained in this news
release is based on certain expectations and assumptions made by
the Trust, including: expectations and assumptions concerning
receipt of required approvals and the satisfaction of other
conditions to the completion of the Transaction, the timing of the
completion of the Transaction and that the arrangement agreement
will not be amended or terminated.
Although the Trust believes that the expectations and
assumptions on which the forward-looking information contained in
this news release is based are reasonable, undue reliance should
not be placed on the forward-looking information because the Trust
can give no assurance that it will prove to be correct. Since
forward-looking information addresses future events and conditions,
by its very nature it involves inherent risks and uncertainties.
Actual results could differ materially from those currently
anticipated due to a number of factors and risks. These include,
but are not limited to, the failure to obtain necessary approvals
or satisfy the conditions to closing the Transaction; the
occurrence of any event, change or other circumstance that could
give rise to the termination of the arrangement agreement; material
adverse changes in the business or affairs of the Trust; the
parties' ability to obtain regulatory approvals in order to
complete the Transaction; either party's failure to consummate the
Transaction when required; competitive factors in the industries in
which the Trust operates; interest rates, prevailing economic
conditions; and other factors, many of which are beyond the control
of the Trust. Additional factors and risks which may affect the
Trust or its business are described in the Trust's annual
information form and the Trust's management's and discussion and
analysis for the year ended December 31,
2017 and in the other reports filed under the Trust's
profile on www.sedar.com.
The forward-looking information contained in this news
release represents Trust's expectations as of the date hereof, and
is subject to change after such date. The Trust disclaims any
intention or obligation to update or revise any forward-looking
information whether as a result of new information, future events
or otherwise, except as required under applicable securities
regulations.
THE TORONTO STOCK EXCHANGE HAS NOT REVIEWED AND DOES NOT
ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR THE ACCURACY OF THIS
RELEASE.
SOURCE Pure Industrial Real Estate Trust (PIRET)