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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
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Blackstone Doubles Down on Industrial Real Estate

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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.