Affiliates of Blackstone Group LP's Blackstone Real Estate Partners VIII LP completed the approximately $7.6 billion all-cash acquisition of diversified real estate investment trust Gramercy Property Trust.
Holders of Gramercy common shares are entitled to receive $27.50 per share, and all outstanding series A preferred shares of Gramercy will be redeemed in cash for approximately $25.05 per share. The shares will cease trading on the New York Stock Exchange.
Gramercy engaged Morgan Stanley & Co. LLC as its exclusive financial adviser, Eastdil Secured LLC as a real estate consultant and Wachtell Lipton Rosen & Katz as its legal adviser on the deal.
Blackstone tapped Citigroup Global Markets Inc. and BofA Merrill Lynch to be its financial advisers and Simpson Thacher & Bartlett LLP to act as legal adviser.