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Blackstone Completes $7.6B Acquisition of Gramercy Property Trust
New York-based Gramercy Property Trust completed its previously announced acquisition by affiliates of Blackstone Real Estate Partners VIII L.P. The total transaction value is roughly $7.6 billion.
Gramercy held a portfolio of primarily industrial assets totaling 81 million square feet with an enterprise value of $7 billion.
Holders of common shares of Gramercy Property Trust will be entitled to receive $27.50 in cash, without interest, in exchange for each common share owned. Gramercy’s outstanding Series A preferred shares will be redeemed for roughly $25.05 per share in cash. Gramercy’s common shares will cease trading on the NYSE.
Morgan Stanley & Co. LLC acted as exclusive financial advisor to Gramercy. Eastdil Secured LLC acted as a real estate consultant to Gramercy. Citigroup Global Markets Inc. and BofA Merrill Lynch acted as Blackstone’s financial advisors in connection with the transaction.
For comments, questions or concerns, please contact Dennis Kaiser
- ◦Sale/Acquisition