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Gramercy Shareholders Approve Acquisition by Blackstone

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Gramercy Property Trust’s shareholders approved the acquisition of Gramercy by affiliates of Blackstone Real Estate Partners VIII L.P. at its special meeting held late last week.

As revealed previously, on May 6, 2018 Gramercy entered into a definitive agreement with affiliates of Blackstone, under which Blackstone will acquire all outstanding common shares of Gramercy for $27.50 per share, plus, if the transaction is consummated after October 15, 2018, a per diem amount of approximately $0.004 per share for each day from and after such date until (but not including) the closing date, in an all-cash transaction valued at approximately $7.6 billion.

Subject to the satisfaction or waiver of all the conditions to the transaction as described in the Merger Agreement, the transaction is expected to be completed in either September or the first-half of October of this year. Upon the closing of the transaction, trading of Gramercy’s shares on the New York Stock Exchange will cease.

To read previous articles about the deal and related news, check out the stories below:
Blackstone To Acquire Gramercy for $7.6B
Pebblebrook Says LaSalle Offer Still Available “When Blackstone Deal is Voted Down by Shareholders”
Pebblebrook Urges LaSalle Hotel Properties Shareholders to Vote Against Proposed Sale to Blackstone
LaSalle, Blackstone Deals Is a Go