A Blackstone Group (BX.N) affiliate is to buy Pure Industrial Real Estate Trust (AAR_u.TO) in an all-cash deal valued at about C$2.48 billion ($2 billion), the Canadian REIT said on Tuesday.

Blackstone’s offer of C$8.10 per Pure Industrial’s unit represents a premium of 20.5 percent to its closing price on Monday on the Toronto Stock Exchange.

Shares of Pure Industrial, which owns and operates industrial properties across North America, surged 21 percent to a record high of C$8.13 in early trading, and has hovered slightly above the offer price.

READ FULL ARTICLE HERE