Market Overview

Gramercy Property Trust Shareholders Approve Acquisition by Blackstone

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Gramercy Property Trust (NYSE:GPT) ("Gramercy" or the "Company")
announced that its shareholders approved the acquisition of Gramercy by
affiliates of Blackstone Real Estate Partners VIII L.P. ("Blackstone")
at its special meeting of shareholders held earlier today.

As announced previously, on May 6, 2018 Gramercy entered into a
definitive agreement with affiliates of Blackstone (the "Merger
Agreement"), 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.

About Gramercy Property Trust

Gramercy Property Trust is a leading global investor and asset manager
of commercial real estate. The Company specializes in acquiring and
managing high quality, income producing industrial commercial real
estate leased to high quality tenants in major markets in the United
States and Europe. The Company's website is www.gptreit.com.

About Blackstone

Blackstone is a global leader in real estate investing. Blackstone's
real estate business was founded in 1991 and has approximately $120
billion in investor capital under management. Blackstone's real estate
portfolio includes logistics, residential, office, hospitality and
retail properties. Major holdings include Logicor (Pan-European
logistics), Invitation Homes (U.S. single family homes), Stuyvesant Town
(New York multifamily), BioMed (U.S. life science office), and prime
office buildings including the Willis Tower and the largest Class A
office portfolio in India. Blackstone real estate also operates one of
the leading real estate finance platforms, including management of the
publicly traded Blackstone Mortgage Trust, Inc. Further information is
available at http://www.Blackstone.com.

Forward-Looking Statements

Certain statements in this press release regarding the proposed
merger transaction involving the Company, including any statements
regarding the expected timetable for completing the transaction,
benefits of the transaction, future opportunities for the Company, and
any other statements regarding the Company's future expectations,
beliefs, plans, objectives, financial conditions, assumptions or future
events or performance that are not historical facts are
"forward-looking" statements made within the meaning of Section 27A of
the Securities Act of 1933, as amended, and Section 21E of the
Securities Exchange Act of 1934, as amended.
These statements are
often, but not always, made through the use of words or phrases such as
"believe," "expect," "anticipate," "should," "planned," "will," "may,"
"intend," "estimated," "aim," "on track," "target," "opportunity,"
"tentative," "positioning," "designed," "create," "predict," "project,"
"seek," "would," "could", "potential," "continue," "ongoing," "upside,"
"increases," and "potential," and similar expressions.
All such
forward-looking statements involve estimates and assumptions that are
subject to risks, uncertainties and other factors that could cause
actual results to differ materially from the results expressed in the
statements.
Although we believe the expectations reflected in any
forward-looking statements are based on reasonable assumptions, we can
give no assurance that our expectations will be attained and therefore,
actual outcomes and results may differ materially from what is expressed
or forecasted in such forward-looking statements.
Some of the
factors that may affect outcomes and results include, but are not
limited to:
(i) risks associated with the timing of the closing
of the merger, including the risks that a condition to closing would not
be satisfied within the expected timeframe or at all or that the closing
of the merger will not occur, (ii) the outcome of any legal proceedings
that may be instituted against the parties and others related to the
merger agreement, (iii) unanticipated difficulties or expenditures
relating to the transaction, the response of business partners and
competitors to the announcement of the transaction, and/or potential
difficulties in employee retention as a result of the announcement and
pendency of the transaction, (iv) changes affecting the real estate
industry and changes in financial markets, interest rates and foreign
currency exchange rates, (v) increased or unanticipated competition for
the Company's properties, (vi) risks associated with acquisitions, (vii)
maintenance of real estate investment trust ("REIT") status, (viii)
availability of financing and capital, (ix) changes in demand for
developed properties, (x) national, international, regional and local
economic climates, and (xi) those additional risks and factors discussed
in reports filed with the SEC by the Company from time to time,
including those discussed under the heading "Risk Factors" in its most
recently filed reports on Form 10-K and 10-Q.
The Company
undertakes no obligation to update or revise any forward-looking
statements, whether as a result of new information, future events or
otherwise. Investors should not place undue reliance upon
forward-looking statements.

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