Gramercy Property Trust property in Alpharetta, GA. (Photo: Gramercy Property Trust)

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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By Ridzwan Rahmat

Ridzwan has been analysing REITs and business trusts since 2008, and personally manages a portfolio comprising mainly of SGX-listed REITs. He founded REITsWeek in 2013.