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Tuesday, May 13, 2014 9:15:34 AM
NEW YORK--(BUSINESS WIRE)--Gramercy Property Trust Inc. (NYSE:GPT), a real estate investment trust, announced today that it has commenced an underwritten public offering of 34,000,000 shares of its common stock. In connection with the offering, the Company intends to grant the underwriters of the offering a 30-day option to purchase up to an additional 5,100,000 shares of its common stock.
The Company intends to use a portion of the net proceeds of the offering to fund the cash purchase price for the previously announced acquisition of the 50% joint venture interest held by affiliates of Garrison Investment Group, L.P. The Company currently owns the remaining 50% interest in the joint venture. The remaining proceeds are expected to be used for general corporate purposes, including acquisitions of target assets consistent with the Company’s investment strategies and for working capital purposes.
Morgan Stanley, BofA Merrill Lynch and J.P. Morgan are acting as joint book-running managers for the offering.
The offering is being made pursuant to an effective shelf registration statement filed with the Securities and Exchange Commission (“SEC”). The offering will be made only by means of a prospectus supplement and the accompanying prospectus, copies of which may be obtained by contacting: Morgan Stanley & Co. LLC, 180 Varick Street, New York, New York 10014, Attention: Prospectus Department, telephone: (866) 718-1649; BofA Merrill Lynch, 222 Broadway, New York, NY 10038, Attention: Prospectus Department, email: dg.prospectus_requests@baml.com; or J.P. Morgan Securities LLC, c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, New York 11717 or by calling 1-866-803-9204. These documents will also be filed with the SEC and will be available at the SEC’s website at http://www.sec.gov.
This press release shall not constitute an offer to sell or a solicitation of an offer to buy any of the securities, nor shall there be any sale of these securities, in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
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 an asset management business that manages for third parties, including our joint venture partners, commercial real estate assets.
http://www.businesswire.com/news/home/20140512006659/en/Gramercy-Property-Trust-Announces-Public-Offering-34000000#.U3IarK1OWUk
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