LONDON, UK / ACCESSWIRE / May 09, 2018 / If you appetite admission to our chargeless analysis address on The Blackstone Group L.P. (NYSE: BX), all you charge to do is assurance up now by beat the afterward articulation www.active-investors.com/registration-sg/?symbol=BX as the Company's latest account hit the wire. On May 07, 2018, the Aggregation appear that the affiliates of Blackstone Absolute Acreage Partners VIII ("Blackstone Absolute Estate") accept active an acceding to admission all the outstanding shares of Gramercy Property Trust (NYSE: GPT) ("GPT" or "Gramercy"). The all-cash transaction is admired at about $7.6 billion. Register today and get admission to over 1,000 Chargeless Analysis Letters by abutting our armpit below:
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Active-Investors.com is focused on giving you appropriate advice and the central band on companies that amount to you. This morning, The Blackstone Group and Gramercy Property Trust best contempo account is on our alarm and our aggregation absitively to put out a absurd address on the aggregation that is now accessible for chargeless below:
www.active-investors.com/registration-sg/?symbol=BX
www.active-investors.com/registration-sg/?symbol=GPT
GPT primarily invests in single-tenant automated backdrop and had a portfolio of assets with about 81 actor aboveboard anxiety at the end of FY17.
Sharing his angle on the acquisition, Tyler Henritze, Head of US Absolute Acreage Acquisitions, Blackstone, said:
"We are admiring to admission Gramercy and its able portfolio of assets."
Gordon DuGan, Trustee and Chief Executive Officer (CEO), GPT, added:
"I allege for Ben Harris, Nick Pell, and the absolute aggregation at Gramercy to say that we are actual admiring to access into this transaction. We accept this validates the affection of the portfolio and belvedere that we accept built. Entering into this transaction with Blackstone fulfills our Board of Trustees' mission to aerate actor value."
Transaction Highlights
As per the acceding of the agreement, Blackstone Absolute Acreage has agreed to pay $27.50 in banknote for anniversary GPT share. The action amount represents a 15% exceptional on the closing amount of GPT allotment on May 04, 2018, the aftermost trading day afore the accord was announced. The accord has been accustomed by the Board of Directors of GPT.
The accord is accustomed to abutting in H2 2018, accountable to the cancellation of authoritative and shareholders approvals and added closing conditions. The accord is not accidental on any costs from Blackstone.
The transaction provides for GPT's shareholders to accept the ahead appear allotment of $0.375 per allotment for Q2 2018, which is payable on July 16, 2018. However, if the accord is not bankrupt afterwards October 15, 2018, GPT's shareholders are advantaged to accept about $0.004 per allotment for anniversary day starting afterwards October 15, 2018, till the final date of closing the deal.
GPT is planning to agenda a shareholders' affair to booty vote on the deal, the date for which is yet to be finalized.
Additionally, GPT aggregate that it would be advice its banking after-effects for Q2 2018, catastrophe on June 30, 2018, in July 2018. However, due to the accustomed deal, the Aggregation will not be hosting the appointment alarm and webcast to altercate the Q2 2018 results.
Consolidation in the Bartering Absolute Acreage Business
Blackstone has been deepening its Bartering Absolute Acreage portfolio with key acquisitions. In March 2018, Blackstone Absolute Acreage Assets Trust, Inc. had acquired Canyon Automated Portfolio for about $1.8 billion. Canyon Automated Portfolio's bartering absolute acreage assets included 146 last-mile infill warehouses and administration barrio in key burghal areas. In January 2018, Blackstone Property Partners had active an acceding to admission Canada's Pure Automated Absolute Acreage Trust in a $1.9 billion deal. Pure Automated Absolute Acreage Trust owns and operates a portfolio of automated backdrop in the US and Canada.
Blackstone has been absorption on bartering backdrop that accommodate a anticipated and abiding income. The accustomed accretion of GPT is a cardinal move in this direction. The contempo bang in the ecommerce amplitude has pushed up the appeal for barn amplitude from retailers and added retail players. In contempo times, absolute acreage advance trusts (REITs) advance in warehouses and acumen centers accept been accomplishing abundant bigger compared to REITs that accept invested in malls, rental apartments, or appointment buildings. This has fabricated advance in bartering absolute acreage a advantageous opportunity. Just a few weeks back, the bartering absolute acreage business witnessed one of the bigger accord aback Prologis, Inc. active an acceding on April 29, 2018, to admission DCT Automated Trust Inc. in a accord admired at about $8.4 billion.
Story continues
About Gramercy Property Trust
New York-based GPT is a arch all-around broker and asset administrator of bartering absolute estate. The Aggregation buys single-tenant barrio in top automated markets in the US and Europe and again manages the portfolio for abiding abiding control and aerial addressee retention. In May 2017, GPT bald Gramercy Europe to a bunch of audience managed by AXA Advance Managers for about $1.1 billion. In August 2017, GPT formed a collective adventure to advance in anew constructed, chic A, ecommerce administration centers beyond the US.
About The Blackstone Group L.P.
Founded in 1985, Blackstone is one of the world's arch advance firms. Its business includes clandestine disinterestedness and absolute acreage funds, barrier armamentarium solutions, and acclaim funds. It has 25 offices common accurate by 2,300 employees.
Blackstone's absolute acreage business was founded in 1991 and its portfolio includes hotel, office, retail, industrial, and residential backdrop in the US, Europe, Asia, and Latin America. Some of the above backing accommodate Hilton Worldwide, Invitation Homes (single ancestors homes), Logicor (pan-European logistics) and prime appointment barrio in above cities of the world. Blackstone Absolute Acreage additionally operates one of the arch absolute acreage accounts platforms, including the administration of the publicly-traded Blackstone Mortgage Trust. It has about $120 billion in broker basic beneath management.
Stock Achievement Snapshot
May 08, 2018 - At Tuesday's closing bell, The Blackstone Group's banal hardly fell 0.75%, catastrophe the trading affair at $31.64.
Volume traded for the day: 3.71 actor shares.
Stock achievement in the aftermost ages – up 3.03%; and accomplished twelve-month aeon – up 5.05%
After yesterday's close, The Blackstone Group's bazaar cap was at $36.95 billion.
Price to Earnings (P/E) arrangement was at 13.75.
The banal has a allotment crop of 10.75%.
The banal is allotment of the Banking sector, categorized beneath the Asset Administration industry. This area was up 0.2% at the end of the session.
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