Blackstone Completes Acquisition of Gramercy Property Trust
October 10 2018 - 9:57AM
Business Wire
Gramercy Property Trust (NYSE: GPT) announced today the
completion of its previously announced acquisition by affiliates of
Blackstone Real Estate Partners VIII L.P. The total transaction
value is approximately $7.6 billion.
Pursuant to the transaction, holders of common shares of
Gramercy Property Trust will be entitled to receive $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 $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.
Morgan Stanley & Co. LLC acted as exclusive financial
advisor to Gramercy. Eastdil Secured LLC acted as a real estate
consultant to Gramercy. Wachtell, Lipton, Rosen & Katz acted as
Gramercy’s legal advisor. Citigroup Global Markets Inc. and BofA
Merrill Lynch acted as Blackstone’s financial advisors in
connection with the transaction. Simpson Thacher & Bartlett LLP
acted as legal advisor to Blackstone.
About Blackstone
Blackstone is a global leader in real estate investing.
Blackstone’s real estate business was founded in 1991 and has
approximately $120 billion 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. Blackstone real estate also operates one of the
leading real estate finance platforms, including management of the
publicly traded Blackstone Mortgage Trust.
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version on businesswire.com: https://www.businesswire.com/news/home/20181010005596/en/
Gramercy Property TrustAshley M. Mancuso,
212-297-1000Investor RelationsorBlackstonePaula Chirhart,
212-583-5011
Gramercy Property Trust (NYSE:GPT)
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