Another $20.8M in acquisitions for Gramercy

|About: Gramercy Property Trust,... (GPT)|By:, SA News Editor

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.