Another REIT Becomes Breakfast
Fresh off the news wires, American Financial Realty is being eaten for breakfast by Gramercy Capital Corp. This is a rather intricate REIT affair. Not only is it another case of REIT eat REIT, but the acquirer, Gramercy, is basically owned by another REIT, SL Green.
I've enjoyed learning more about American Financial Realty. I think they had a good idea; investing in financial properties. They just couldn't get out from under their debt load.
This marks a business shift for Gramercy as they leave their financial focus and become a diversified REIT.
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Nov.05.2007. 09:55
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