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.