QUEBEC - Cominar Real Estate Investment Trust says it has received approval under the Investment Canada Act for the sale of its industrial portfolio to Blackstone.

The transaction is part of a broader deal in which Cominar agreed to be sold to Quebec real estate firm Canderel Real Estate Property Inc. in a deal with an enterprise value of $5.7 billion.

Under the deal, the consortium will pay $11.75 in cash per unit for the trust.

The broader deal is expected to close on March 1 after being approved by the Superior Court of Quebec in December.

In connection with the transaction, Group Mach Acquisition Inc. will acquire some of Cominar's retail and office properties for approximately $1.5 billion and Blackstone will buy Cominar's industrial portfolio.

The REIT also says it will pay three cents per unit on March 15 to unitholders of record as of Feb. 28.