PRINCETON, N.J.--(BUSINESS WIRE)--Chambers Street Properties (“Chambers Street” or the “Company”) (NYSE:CSG), a real estate investment trust focused on acquiring, owning and operating net leased industrial and office properties, announced today that its shareholders approved the issuance of the Company’s common shares (“Merger Proposal”) in connection with the pending merger with Gramercy Property Trust Inc. (“Gramercy”) as well as the four annual meeting proposals at today’s Annual Meeting of Shareholders (“Annual Meeting”). Approximately 84.1 percent of votes cast at the Annual Meeting voted in favor of the Merger Proposal, representing 132.5 million, or 56 percent, of the Company’s outstanding shares.
Under the terms of the merger agreement, Gramercy stockholders will receive 3.1898 shares of Chambers Street for each share of Gramercy common stock they own. Upon closing, Chambers Street shareholders will own approximately 56 percent and Gramercy stockholders will own approximately 44 percent of the combined company. The stock-for-stock transaction is expected to be tax-free to shareholders.
The transaction, which is subject to customary closing conditions, is expected to close on December 17, 2015.
About Chambers Street Properties
Chambers Street is a real estate investment trust focused on acquiring, owning and operating net leased industrial and office properties, leased to creditworthy tenants. As of September 30, 2015, Chambers Street owned or had a majority interest in 125 properties located across 19 U.S. states, France, Germany, and the United Kingdom encompassing approximately 37.2 million rentable square feet. For additional information, please visit www.chambersstreet.com.
About Gramercy Property Trust
Gramercy Property Trust Inc. is a fully-integrated, self-managed commercial real estate investment company focused on acquiring and managing income-producing industrial and office properties net leased to high quality tenants in major markets throughout the United States. The Company also operates a commercial real estate asset and property management business for third parties. To review the Company’s latest news releases and other corporate documents, please visit the Company's website at www.gptreit.com or contact Investor Relations at 212-297-1000.