Gramercy Capital (GKK) Concludes Strategic Review, Will Remain Independent; Names DuGan as New CEO
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Gramercy Capital Corp. (NYSE: GKK) announced that its Board of Directors has, following an extensive review of strategic alternatives, approved a new investment strategy for the Company and has appointed Gordon F. DuGan as the Company's new Chief Executive Officer.
Following its review, the Board concluded that the most appropriate alternative available to the Company is to remain independent and to focus on building value by deploying the Company's capital into income-producing net leased real estate. The new investment criteria will focus on single tenant net lease investments with durable credits across a wide variety of industries in markets with strong demographics. The investments initially will be funded from existing financial resources. Subsequently, subject to market conditions, the Company expects to seek to raise additional debt and/or equity capital to support further growth.
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Following its review, the Board concluded that the most appropriate alternative available to the Company is to remain independent and to focus on building value by deploying the Company's capital into income-producing net leased real estate. The new investment criteria will focus on single tenant net lease investments with durable credits across a wide variety of industries in markets with strong demographics. The investments initially will be funded from existing financial resources. Subsequently, subject to market conditions, the Company expects to seek to raise additional debt and/or equity capital to support further growth.
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