Gramercy Property Trust Prices Upsized Stock Offering

(RTTNews) - Gramercy Property Trust Inc. (GPT) said Wednesday that it has priced the public offering of 40 million shares of its common stock at a public offering price of $4.98 per share.

The offering was upsized from the previously announced offering of 34 million shares.

In addition, the underwriters of the offering have a 30-day option to purchase up to an additional 6 million shares of the company's common stock.

The offering is expected to close on May 19.

The company plans to use a portion of the net proceeds of the offering to fund the cash purchase price for the previously announced acquisition of the 50% joint venture interest held by affiliates of Garrison Investment Group, L.P. The company currently owns the remaining 50% interest in the joint venture.

The remaining proceeds are expected to be used for general corporate purposes, including acquisitions of target assets consistent with the company's investment strategies and for working capital purposes.