Blackstone is buying another industrial REIT

World’s biggest landlord offers $7.6B for Gramercy Property Trust

New York /
May.May 07, 2018 09:20 AM

Jonathan Gray and a Gramercy property

The Blackstone Group has reached a deal to buy Midtown-headquartered industrial landlord Gramercy Property Trust for $7.6 billion.

The deal values Gramercy’s shares at $27.50, or a 15 percent premium over the real estate investment trust’s closing price Friday, according to the Financial Times.

Gramercy invests predominantly in single-tenant industrial properties, and as of earlier this year reportedly had a portfolio spanning 81 million square feet. The company last year sold its European arm for around $1.1 billion to a group of clients managed by Axa Investment Managers.

Blackstone, meanwhile, announced in March that it planned to buy Canyon Industrial Portfolio’s warehouses and distribution centers for $1.8 billion.

The Gramercy deal is expected to close in the second half of the year, pending approval by the company’s shareholders, the Financial Times reported.

Blackstone’s head of real estate Jonathan Gray was recently promoted to president and COO, leaving his top lieutenants Kathleen McCarthy and Kenneth Caplan to run the real estate division. [FT]Rich Bockmann


Related Articles

arrow_forward_ios
Residence Inn Austin Northwest, TownePlace Suites Austin Northwest and Chatham Lodging Trust CEO Jeffrey Fisher (Marriott, Chatham Lodging Trust)
Chatham Lodging Trust buys two Marriott-branded hotels in Austin for $71M
Chatham Lodging Trust buys two Marriott-branded hotels in Austin for $71M
essensys CEO Jeremy Bernard (iStock)
Flex workspace tech firm essensys eyes US, APAC expansion
Flex workspace tech firm essensys eyes US, APAC expansion
27 Whitehall Street (Google Maps, iStock)
Fidi landlord accused of permitting massage parlor prostitution
Fidi landlord accused of permitting massage parlor prostitution
Isaac Kassirer and his properties at 1187-97 Anderson Ave., 1220 Shakespeare Ave., and 1210 and 1230 Woodycrest Ave. (Google Maps)
His portfolio decimated, Isaac Kassirer gets creative with rents
His portfolio decimated, Isaac Kassirer gets creative with rents
Mayor Bill de Blasio (Getty, iStock)
NYC to require vaccines for indoor dining, gyms and performance venues
NYC to require vaccines for indoor dining, gyms and performance venues
Rendering of 227 West Street with Brookfield's Brian Kingston and Blackstone's Katie Keenan (OMA, Brookfield, Blackstone)
Brookfield lands $500M for next Greenpoint Landing development
Brookfield lands $500M for next Greenpoint Landing development
Family feud for $11M Lundy’s restaurant building boils over
Family feud for $11M Lundy’s restaurant building boils over
Family feud for $11M Lundy’s restaurant building boils over
The rise of e-commerce, fueled by the pandemic, has created unprecedented demand for cardboard-producing facilities. (iStock)
Cardboard demand could fuel an industrial real estate boom
Cardboard demand could fuel an industrial real estate boom
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...