Gramercy Property Trust CEO Gordon DuGanNEW YORK CITY–Gramercy Property Trust shareholders have approved its $7.6 billion acquisition by Blackstone Real Estate Partners VIII at its special meeting of shareholders held earlier today.
The vote is a quiet culmination of the announcement the two companies made at the beginning of May that Blackstone would acquire all outstanding common shares of Gramercy for $27.50 per unit, in an all-cash transaction valued at $7.6 billion. With the shareholder vote complete, 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.
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