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Article: Gramercy Capital Corp. Raises $100 Million Through Issuance of Common Stock to Morgan Stanley Real Estate.
- Article from:
- Business Wire
- Article date:
- November 5, 2007
CopyrightCOPYRIGHT 2007 Business Wire. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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NEW YORK -- Gramercy Capital Corp. (NYSE: GKK) announced today that it has entered into a subscription agreement with an affiliate of Morgan Stanley Real Estate Special Situations Fund III (Special Situations) to issue, through a private placement, 3,809,524 shares of common stock at a price of $26.25, raising gross proceeds of approximately $100 million. The transaction is expected to settle on or before November 7, 2007.
The Company expects to use the net proceeds for additional investment activity and to fund its future growth.
Marc Holliday, Chief Executive Officer of Gramercy Capital Corp., stated, "The success of this issuance reflects Gramercy's ...