Blackstone to acquire Gramercy for $7.6bn

By Pouyan Broukhim

The real estate arm of multinational private equity firm Blackstone has announced that it has agreed to acquire Gramercy Property Trust in a deal valued at $7.6bn.

The deal will further bolster the company's Blackstone Real Estate Partners division that has continued to grow into a leading market player in recent years.

See also:

“We are pleased to acquire Gramercy and its strong portfolio of assets,” said Tyler Henritze, Head of US Real Estate Acquisitions for Blackstone.

New York-based Gramercy will receive $27.50 per share in the transaction, representing a 23% premium compared to the company's 30-day average share price.

“We believe this validates the quality of the portfolio and platform that we have built,” said Gord DuGan, Trustee and Chief Executive Officer of Gramercy. “Entering into this transaction with Blackstone fulfills our Board of Trustees’ mission to maximize shareholder value.”

Morgan Stanley acted as Gramercy's financial advisor, whilst Citigroup and Bank of American Merrill Lynch acted as Blackstone's. The transaction is expected to close in H2 2018.

The deal comes just a few months after Blackstone agreed to acquire a majority 55% stake in Thomas Reuters' Financial & Risk Business for a fee of approximately $17bn.

Share

Featured Articles

How Elon Musk pulled off a $44bn hostile takeover of Twitter

As the world’s richest man, Elon Musk, takes over tech giant Twitter, we highlight the timeline that led to this titanic takeover

Amazon, Alphabet, Wells Fargo best workplaces, says LinkedIn

The top 50 workplaces to grow careers prioritise flexible work and tuition-support programs, as top-ranking firms Amazon and Alphabet prove, says LinkedIn

Top 10 women in technology in the US

These 10 women in tech are forging a path into bold areas of innovation and technological ambition, according to sister publication Technology Magazine

8 executive moves to crypto – from mainstream to startup

Technology & AI

Digital Twins tech ‘missing link’ in urban decarbonisation

Technology & AI

The Metaverse Foundry from Infosys is a business playground

Technology & AI