The Real Deal New York

Blackstone closes on $7.6B purchase of Gramercy Property Trust

The REIT owns 81M sf of real estate
By Konrad Putzier | October 10, 2018 11:45AM

Blackstone’s Kathleen McCarthy and Ken Caplan with a map and photo of the industrial property (Credit: Blackstone and Gramercy Property Trust)

The Blackstone Group closed on the $7.6 billion acquisition of industrial real estate investment trust Gramercy Property Trust, the companies announced Wednesday.

Blackstone is paying $27.50 per share, which is 15-percent above Gramercy’s closing price the day before news of the deal broke. The Financial Times first reported the deal in May.

Gramercy owns 81 million square feet of real estate, mostly single-tenant industrial buildings. It has holdings across the country, including in New York, New Jersey, South Florida, Los Angeles and Chicago.

Blackstone, which is buying the REIT with its Real Estate Partners VIII fund, recently launched a new, $18 billion distressed real estate fund.