NEW YORK--(EON: Enhanced Online News)--Gramercy Property Trust (NYSE: GPT), a real estate investment trust, announced today that it has commenced an underwritten public offering of 9,000,000 common shares. 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 1,350,000 common shares.
The Company intends to use the net proceeds of this offering to fund the future acquisition of its target assets consistent with its investment strategies and for working capital and other general corporate purposes, which may include the repayment or repurchase of indebtedness.
Morgan Stanley 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, Attention: Prospectus Department, 180 Varick Street, 2nd Floor, New York, New York 10014; or J.P. Morgan Securities LLC, Attention: Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 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 the 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 is a leading global investor and asset manager of commercial real estate. The Company specializes in acquiring and managing high quality, income producing commercial real estate leased to high quality tenants in major markets in the United States and Europe.
This press release contains forward-looking information based upon the Company's current best judgment and expectations. Actual results could vary from those presented herein. The risks and uncertainties associated with forward-looking information in this release include, but are not limited to, factors that are beyond the Company's control, including the factors listed in the Company's Annual Report on Form 10-K. The Company undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. For example, the fact that the offering described above has launched may imply that the offering will price and close, but both pricing and closing are subject to conditions customary in transactions of this type and may be delayed or may not occur at all. In addition, the fact that the Company expects to grant the underwriters an option to purchase additional shares may imply that this option will be exercised. However, the underwriters will not be under any obligation to exercise any such option, or any portion of it, and they may not do so. Investors should not place undue reliance upon forward-looking statements.