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.


Featured Articles

Top 20 essential leadership resources for Black executives

To celebrate Black History Month, here are 20 resources for Black leaders – from business books to leadership coaches to business school exec programs

Broadridge study reveals huge impact of AI on C-suite

Broadridge Financial Solutions spoke to 500 C-suite executives from across the globe, many of whom said AI was significantly changing the way they work

PwC's Kathryn Kaminsky – the role of boards on social issues

As Vice Chair Trust Solutions Co-Leader at PwC, Kathryn Kaminsky says boards play an important role in helping businesses take action on social issues

Why your business needs a Chief Transformation Officer

Leadership & Strategy

12 top AI and ML trends for the enterprise in 2023 – Dataiku

Technology & AI

From NYC to Hong Kong, the rise of the private members' club

Leadership & Strategy