NEW YORK CITY–Following a spate of mergers and acquisitions in recent days comes yet another deal: Blackstone Real Estate Partners VIII has agreed to acquire Gramercy Property Trust for $27.50 per share in an all-cash transaction valued at $7.6 billion.
The transaction represents a premium of 15% over the closing stock price on May 4, and a 23% premium over the 30-day volume-weighted average share price. It has been unanimously approved by Gramercy's Board of Trustees.
Under the deal, which is scheduled to close in the second half of 2018, Gramercy shareholders will receive the previously announced Q2 dividend of $0.375 per share on July 16, 2018. If the transaction is completed after October 15, Gramercy shareholders will receive a per diem amount of $0.004 per share for each day until the closing date.
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
