Gramercy Stockholders on AFR Buy: 'Go for It'

NEW YORK CITY-Locally based Gramercy Capital Corp. revealed that its stockholders approved the acquisition of American Financial Realty Trust. As previously reported by GlobeSt.com , the $3.5-billion merger acquisition is expected to be completed during the second half of March.

AFT’s special meeting of shareholders held Wednesday morning, approximately 72.9% of shares have been voted for, 0.4% voted against and 0.2% abstained from voting for approval of the merger. Following completion of the transaction, Gramercy expects to own approximately 27 million sf of commercial real estate in 37 states to add to its $4.2 billion of debt investments, commercial real estate securities investments, net lease properties and other assets.

A source close to the deal tells GlobeSt.com that the next step is getting the transaction closed, which they say is still expected in the latter part of March. The source also explains note that they don’t foresee Gramercy making any strategic statements until after that closing.