Pure Industrial Real Estate Trust (TSX: AAR.UN), a Vancouver-based owner and operator of industrial properties in Canadian and U.S. markets, has agreed to be acquired by Blackstone Property Partners, the real estate investment arm of Blackstone Group. Blackstone agreed to buy all of the outstanding trust units of Pure for $8.10 per unit in an all-cash transaction valued at $3.8 billion, including debt. The deal is expected to close in the second quarter. Listed in 2007, Pure reports generating a return of more than 345 percent since inception. It currently holds 168 properties located across North America, according to its website.