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Gramercy Property Trust Closes Previously Announced Sale of Gramercy Europe Assets to a Consortium of Clients Managed by AXA Investment Managers – Real Assets

NEW YORK--(BUSINESS WIRE)--Gramercy Property Trust (NYSE:GPT) announced that Gramercy Property Europe plc (the “Fund”) has completed the previously announced sale of 100% of the Fund’s assets. The transaction resulted in net distributions to the Company of €90.8 million ($103.8 million), inclusive of a promoted interest distribution of approximately €7.9 million ($9.0 million). Gains on asset sales and recognition of the promoted interest associated with the sale will be recognized in the Company’s third quarter 2017 financial statements.