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Gramercy shareholders OK $7.6B Blackstone merger

Industrial real estate investment trust Gramercy Property Trust said its shareholders voted in favor of its proposed $7.6 billion all-cash acquisition by private equity giant Blackstone Group LP at a special shareholder meeting Aug. 9.

Affiliates of Blackstone Real Estate Partners VIII LP will acquire Gramercy's outstanding shares for $27.50 per share. The merger is expected to close in either September or early October.