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Gramercy stock sale raises US$100m

(EDINBURGH) Gramercy Capital Corp, a US investment trust that specialises in commercial loans, has raised US$100 million in a share sale to Morgan Stanley’s real estate unit.

Gramercy sold 3.81 million shares at US$26.25 to an affiliate of Morgan Stanley Real Estate Special Situations Fund III, New York-based Gramercy said in a statement yesterday. Gramercy plans to use the money for ‘additional investment activity and to fund its future growth’, according to the statement.

Gramercy agreed to buy American Financial Realty Trust, a real estate investment trust that specialises in property leased by financial institutions, for about US$1.1 billion in cash and stock, The Wall Street Journal reported yesterday, citing an unidentified American Financial executive.

 

Source: Bloomberg (Business Times 6 Nov 07)

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