(Bloomberg) -- Ivanhoe Cambridge is teaming with Blackstone Group LP on the planned acquisition of Pure Industrial Real Estate Investment Trust, a Canadian warehouse owner, according to two people with knowledge of the transaction.
The real estate arm of Canadian pension fund Caisse de Depot et Placement du Quebec has taken a roughly 40 percent stake in the C$2.48 billion ($2 billion) cash deal to take the Vancouver-based REIT private, said the people, who asked not to be identified because the details haven't been made public. Blackstone's planned takeover of Pure Industrial was announced last week.
Blackstone has brought in Ivanhoe as a partner on other real estate deals, including the $5.3 billion purchase two years ago of Stuyvesant Town-Peter Cooper Village, Manhattan's biggest apartment complex. Representatives for Blackstone and Ivanhoe declined to comment.
Pure Industrial, Canada's largest multitenant industrial landlord, has counted firms such as FedEx Corp. and Best Buy Co. among its customers. Chief Executive Officer Kevan Gorrie said last year that the company is depending on growth from e-commerce and, potentially, medical marijuana.
Peter Grauer, chairman of Bloomberg LP, is a non-executive director at Blackstone.
To contact the reporter on this story: Sarah Mulholland in New York at smulholland3@bloomberg.net.
To contact the editors responsible for this story: Daniel Taub at dtaub@bloomberg.net, Christine Maurus
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