US-based real estate investment trust Gramercy Property Trust (NYSE: GPT) has closed an agreement with affiliates of New York, US-based investment firm Blackstone's (NYSE: BX) Blackstone Real Estate Partners VIII fund, under which Blackstone acquired all outstanding common shares of Gramercy for USD 27.50 per share in an all-cash transaction valued at USD 7.6bn, the company said.
Under the deal, holders of common shares of Gramercy Property Trust will be entitled to receive USD 27.50 in cash, without interest, in exchange for each common share they own. In connection with the transaction, all of Gramercy's outstanding series A preferred shares will be redeemed for approximately USD 25.05 per share in cash.
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