NEW YORK--(BUSINESS WIRE)--Gramercy Property Trust Inc. (NYSE:GPT) (“Gramercy”) and Chambers Street Properties (NYSE:CSG) (“Chambers Street”) today announced the completion of their previously announced merger. Gramercy’s stockholders and Chambers Street’s shareholders voted to approve the transaction at each company’s special meeting on December 15, 2015.
The transaction, which was first announced on July 1, 2015, creates the largest industrial and office net lease real estate investment trust, with an enterprise value of approximately $5.8 billion. The combined company will retain the Gramercy name and will continue to trade on the New York Stock Exchange under Gramercy’s current ticker symbol.
“Today marks the beginning of an exciting new chapter for our company,” said Mr. Gordon F. DuGan, Gramercy’s Chief Executive Officer. “We are excited to have found such an ideal partner for long-term growth, and we are confident that shareholders will benefit from Gramercy’s larger size and scale, increased financial flexibility, broader tenant diversification, and more efficient operating platform.”
Pursuant to the terms of this transaction, Gramercy stockholders will receive 3.1898 common shares of Chambers Street for each share of Gramercy common stock they own.
As previously announced, the combined company will be led by Gramercy’s existing management team, with Gordon F. DuGan as Chief Executive Officer, Benjamin P. Harris as President and Jon W. Clark as Chief Financial Officer.
Also as previously announced, the combined company will have a ten-person board, comprised of the following trustees: Charles E. Black (who will serve as non-executive Chairman of the Board), Allan J. Baum, Z. Jamie Behar, Gordon F. DuGan, Thomas D. Eckert, James L. Francis, Gregory F. Hughes, Jeffrey E. Kelter, James M. Orphanides, and Louis P. Salvatore.
Gramercy Property Trust Inc. is a leading global investor and asset manager of commercial real estate. The Company specializes in acquiring and managing single-tenant, net-leased industrial and office properties purchased through sale-leaseback transactions or directly from property developers and owners. The Company focuses on income producing properties leased to high quality tenants in major markets in the United States and Europe.
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.