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Gramercy closes purchase of BofA JV

  • With the deal, Gramercy Property Trust (GPT) acquires Garrison Investment Group's 50% interest in the two's joint venture owning 67 properties (3.1M square feet), nearly all of which are leased to Bank of America.
  • The purchase price values the JV at $395M. The properties are expected to generate about $27.5M of NOI this year.
  • Gramercy also closes on its previously announced $400M unsecured credit facility, with $200M of that used to repay an existing mortgage on the JV.
  • Source: Press Release
  • Previously: Gramercy to buy out partner in BofA portfolio
Comments (1)
  • sumikuboanr
    , contributor
    Comments (240) | Send Message
     
    I like this part of the press release:

     

    "The purchase price paid by the Company valued the Joint Venture at $395.0 million. At closing, in addition to other customary prorations and credits, the Company received an approximately $5.3 million incentive profits credit against the purchase price. "

     

    An extra $5.3 million is nice!
    10 Jun 2014, 09:15 AM Reply Like
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