Deals
Blackstone Bets $7.6 Billion More on the Amazon Revolution
- Industrial REITs grow more attractive in the age of Amazon
- The $7.6 billion takeover follows a similar one by Prologis
Blackstone Doubles Down on Industrial Real Estate
This article is for subscribers only.
Blackstone Group LP is doubling down on industrial real estate by buying Gramercy Property Trust, the second multibillion-dollar takeover of a warehouse company in as many weeks with the growth in e-commerce raising demand.
Affiliates of Blackstone Real Estate Partners VIII agreed to pay $27.50 in cash for each Gramercy share in a transaction valued at $7.6 billion, according to a statement Monday. The per-share price is a 15 percent premium to Friday’s close. Gramercy, based in New York, has about $2.8 billion in debt, according to data compiled by Bloomberg. The company’s shares jumped to $27.51 at 11:17 a.m. in New York.