May 8, 2018
Blackstone is acquiring New York-based Gramercy Property Trust in an all-cash deal valued at $7.6 billion. All outstanding common shares of Gramercy are being purchased for $27.50 per share by affiliates of Blackstone Real Estate Partners VII.
The transaction has been unanimously approved by Gramercy’s Board of Trustees, and represents a premium of 23% over the 30-day volume-weighted average share price ending May 4, 2018, and a premium of 15% over the closing stock price on May 4, 2018.
Completion of the transaction, which is currently expected to occur in the second half of 2018, still needs the approval of Gramercy’s shareholders, who will vote on the transaction at a special meeting on a date to be announced.
Morgan Stanley & Co. LLC is acting as exclusive financial advisor to Gramercy. Eastdil Secured LLC is acting as real estate consultant to Gramercy. Citigroup Global Markets Inc. and BofA Merrill Lynch are acting as Blackstone’s financial advisors.
For comments, questions or concerns, please contact Dennis Kaiser