Blackstone to acquire Gramercy Property Trust in USD7.6 billion move


Gramercy Property Trust has entered into USD7.6 billion agreement to be acquired by affiliates of Blackstone Real Estate Partners VIII.

Under the agreement, Blackstone will acquire all outstanding common shares in the REIT for USD27.50 per share in an all-cash transaction.

The agreement, which represents a premium of 23% over the 30-day volume-weighted average of Gramercy’s share price ending 4 May 2018, has been unanimously approved by the REIT’s board.

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