American Financial Realty, Gramercy Capital merger one step closer to completion

By Lisa Kerner

Charlotte, N.C., Feb. 13 - American Financial Realty Trust shareholders approved the company's merger agreement with Gramercy Capital Corp. at a special meeting on Wednesday.

Holders of some 72.9% of American Financial Realty shares voted in favor of the merger, according to a company news release.

As previously reported, Gramercy Capital agreed to acquire American Financial Realty for about $3.4 billion including the assumption of debt.

American Financial Realty shareholders will receive $5.50 in cash and 0.12096 of a share of Gramercy Capital common stock for each American Financial Realty share held.

Gramercy Capital is a New York-based commercial real estate specialty finance company.

American Financial Realty is a self-administered, self-managed real estate investment trust based in Jenkintown, Pa.

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