American Financial Realty Trust bought out by Gramercy Capital

The wall street journal reported today,

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Real-estate financier Gramercy Capital Corp. agreed to buy American Financial Realty Trust, a real-estate investment trust that specializes in properties leased by financial institutions, for about $1.1 billion in cash and stock.

The deal calls for American Financial holders to get $5.50 a share in cash and 0.12096 Gramercy share for every share of American Financial. That values each share of American Financial at $8.43 a share, a 31% premium over Friday's closing price.

Gramercy will assume about $2.3 billion in American Financial debt.

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