B.C.'s largest industrial real estate landlord has acquired 1,064,900 units, or a 13.6% stake, in Pure Industrial Real Estate Trust (TSX-V:AAR.UN) through its Precedence Homes Ltd. affiliate.
According to a release, Precedence bought the units "for investment purposes" at $1.85 per unit.
That rationale means that Beedie and its affiliates may boost or reduce their stake at any time depending on their opinion of Pure's business prospects and market conditions.
Burnaby-based Beedie Group is a 55-year-old family owned and operated real estate development company that specializes in designing, constructing and managing industrial and commercial buildings.
It has built more than 17 million square feet of real estate across B.C. since 1954.
It owns and operates a portfolio representing more than six million square feet of industrial buildings.