Seeking Alpha

Another $20.8M in acquisitions for Gramercy

  • Gramercy Property Trust (GPT) puts more money to work, announcing the closing of 5 new property purchases for a total price of $20.8M. The properties were acquired separately in all-cash deals.
  • The deals included two industrial properties for $12.9M at a 7.8% cap rate and three bank branch acquisitions for $7.1M at a 7.9% cap.
  • Last week, Gramercy closed on a $100M credit line with Deutsche Bank at a floating rate of Libor plus a spread of 190-275 basis points.
From other sites
Comments (8)
  • Wilson Wang
    , contributor
    Comments (850) | Send Message
     
    Good news. Wish the cap rate was higher.
    9 Sep 2013, 08:50 AM Reply Like
  • Chris DeMuth Jr.
    , contributor
    Comments (4222) | Send Message
     
    Good; not great. For more on GPT: http://seekingalpha.co...
    9 Sep 2013, 09:13 AM Reply Like
  • Wilson Wang
    , contributor
    Comments (850) | Send Message
     
    I wish the cap rate was around 9%. That would've been nice.
    9 Sep 2013, 09:18 AM Reply Like
  • kadison
    , contributor
    Comments (163) | Send Message
     
    I guess that's the market.
    9 Sep 2013, 12:50 PM Reply Like
  • The_Hammer
    , contributor
    Comments (3993) | Send Message
     
    what's the reason in funding via floating rate? the acq cap rates are falling.
    9 Sep 2013, 09:19 AM Reply Like
  • Wilson Wang
    , contributor
    Comments (850) | Send Message
     
    It was all cash transactions. The line of credit is there for flexibility purposes. I'm certain they funded it with the cash on hand.
    9 Sep 2013, 09:28 AM Reply Like
  • Steven Reiman
    , contributor
    Comments (348) | Send Message
     
    Its a little disappointing the cap rates are flat to falling and we are up 100 bps on the 10Y. I would have also thought that smaller transactions would translate to higher cap rates.
    9 Sep 2013, 08:20 PM Reply Like
  • Chris DeMuth Jr.
    , contributor
    Comments (4222) | Send Message
     
    Agreed.
    9 Sep 2013, 08:21 PM Reply Like
DJIA (DIA) S&P 500 (SPY)
ETF Tools
Find the right ETFs for your portfolio:
Seeking Alpha's new ETF Hub
ETF Investment Guide:
Table of Contents | One Page Summary
Read about different ETF Asset Classes:
ETF Selector