Blackstone Group LP agreed to buy Gramercy Property Trust, a U.S. investor in industrial real estate, in a cash deal valued at $7.6 billion.
Blackstone will pay $27.50 for each Gramercy share, a 15 percent premium over the closing price on May 4, according to a statement Monday. Gramercy shareholders will be entitled to receive the previously announced second-quarter dividend of 37.5 cents per share payable on July 16.
A shift toward online shopping has boosted demand for warehouse space from retailers seeking to expand their digital operations and cut delivery times. That’s lured investors into logistics real estate as they bet on the long-term prospects of the industry.
Gramercy Property has about $2.8 billion in debt, according to data compiled by Bloomberg. The deal is expected to be completed in the second half.
This article was provided by Bloomberg News.