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Blackstone completes $7.6B Gramercy takeover; Parking REIT files for IPO

S&P Global Market Intelligence offers our top picks of U.S. real estate news stories and more published throughout the week.

Merger matters

* Affiliates of Blackstone Group LP's Blackstone Real Estate Partners VIII LP closed the buyout of diversified real estate investment trust Gramercy Property Trust on Oct. 10. The approximately $7.6 billion all-cash acquisition was agreed to in May for $27.50 per Gramercy share.

* Pebblebrook Hotel Trust and LaSalle Hotel Properties plan to hold their respective special shareholders meetings Nov. 27 to vote on the hotel REITs' merger.

Going public

Parking facility-focused Parking REIT Inc. filed a preliminary prospectus for an IPO of an undisclosed amount of common shares. The entity was created as a result of a merger between MVP REIT and MVP REIT II, which closed in December 2017. The REIT owned interests in 42 parking facilities across 17 states as of Oct. 5.

Property sales

* Office landlord Columbia Property Trust Inc., as part of its shift to acquisitions and developments in gateway cities, is placing its remaining office portfolio in Atlanta up for sale, the Atlanta Business Chronicle reported.

* The real estate arm of Chinese industrial conglomerate Fosun International Ltd. is seeking $1.6 billion for its 60-story 28 Liberty tower in Manhattan, N.Y., according to The Real Deal. However, a Fosun representative denied the report of a sale and said the company is open to bringing on a strategic partner for the asset but would retain a majority ownership, the publication reported. Fosun paid $725 million for the property in 2013 and carried out a repositioning.

Hotels in demand

* Blackstone Group is buying The Ritz-Carlton Kapalua hotel in West Maui, Hawaii, for an undisclosed price from a joint venture, Pacific Business News reported. The 297-room property previously sold for $210 million in November 2016 and has since undergone a multimillion-dollar revamp.

* Private equity firm Eagle Four Partners and High Street Real Estate Partners jointly acquired Colorado's largest hotel, the Sheraton Denver Downtown Hotel, for an undisclosed price. The new owners are planning a major renovation of the 1,231-room hotel.

Name change

Shopping center REIT DDR Corp. is changing its name to SITE Centers Corp., effective Oct. 12. The company's ticker symbol on the New York Stock Exchange will also be changed to SITC from DDR.

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