Blackstone to acquire Gramercy Property Trust for $7.6b

Blackstone Real Estate Partners VIII, a fund managed by Blackstone Group, has plans to acquire Gramercy Property Trust, a publicly traded REIT that primarily invests in industrial properties, for $7.6 billion.

Completion of the transaction is currently expected to occur in the second half of 2018.

The deal follows Prologis’ recently announced purchase of DCT Industrial Trust for $8.4 billion.