Chambers Street Properties has merged with Gramercy Property Trust, Inc., creating the largest industrial and office net lease real estate investment trust, with an enterprise value of approximately $5.8 billion.
The merger was first announced last July 1, 2015, and Gramercy's stockholders and Chambers Street's shareholders voted to approve the transaction at each company's special meeting on Dec. 15, 2015.
The combined company will retain the Gramercy Brand and will continue to trade under the Gramercy's current ticker symbol in the New York Stock Exchange.
"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."
According to their press release in Business Wire, the merged company will be led by Gramercy's management team. This includes Gordon F. DuGan as Chief Executive Officer, Benjamin P. Harris as President and Jon W. Clark as Chief Financial Officer. The newly combined company will also have a ten person board joined by the following trustees: Charles E. Black, 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. Black is named as the chairman of the board.
The new combined company has also announced through their press release that there would be $2.225 billion in new financings for the Gramercy Property Trust.
Gramercy Property Trust Inc. is a leading global investor and asset manager of commercial real estate. The Company is dedicated in acquiring and managing single-tenant, net-leased industrial and office properties acquired through sale-leaseback transactions or directly from property developers and owners. The Company's focal point is on income producing properties leased to high quality tenants in major markets in the United States and Europe.
