Blackstone to buy Gramercy Property in $7.6 billion deal

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(Reuters) – Blackstone Group LP (BX.N) said on Monday it would buy Gramercy Property Trust (GPT.N), which is an asset manager of commercial real estate, in a deal valued at $7.6 billion in cash.

FILE PHOTO: The ticker and trading information for Blackstone Group is displayed at the post where it is traded on the floor of the New York Stock Exchange (NYSE), New York, NY, U.S., April 4, 2016. REUTERS/Brendan McDermid/File Photo

The $27.50-per-share offer represents a premium of 15.4 percent to Gramercy Property’s close on Friday at $23.82.

Reporting by Arunima Banerjee in Bengaluru; Editing by Bernard Orr

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