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Blackstone Closes USD 7.6bn Acquisition of US REIT Gramercy Property Trust
Thursday 11 October 2018

11 October 2018 - 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.

As a result of the transaction, Gramercy's common shares will cease trading on the New York Stock Exchange.

Gramercy Property Trust is a global investor and asset manager of commercial real estate.

The company specialises in acquiring and managing income producing industrial commercial real estate leased to tenants in major markets in the United States and Europe.

Blackstone is in real estate investing. Blackstone's real estate business was founded in 1991 and has approximately USD 120bn in investor capital under management. Blackstone's real estate portfolio includes hotel, office, retail, industrial and residential properties in the US, Europe, Asia and Latin America.

Morgan Stanley and Co. LLC is acting as exclusive financial advisor to Gramercy. Eastdil Secured LLC is acting as real estate consultant to Gramercy. Wachtell, Lipton, Rosen and Katz is acting as Gramercy's legal advisor.

Citigroup Global Markets Inc. and BofA Merrill Lynch are acting as Blackstone's financial advisors in connection with the transaction. Simpson Thacher and Bartlett LLP is acting as legal advisor to Blackstone.
Details
Date Published: 11/10/2018
Target: Gramercy Property Trust
Country: USA
Deal Size: 7.6bn (USD)
Sector: Construction/Real Estate
Type: LBO
Financing: Cash
Status: Closed
Vendor:
Buyer: Blackstone Real Estate Partners VIII
Buyer Advisor: Citigroup Global Markets , BofA Merrill Lynch , Simpson Thacher and Bartlett
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