Aug 22 (Reuters) - Gramercy Property Trust
* Gramercy Property Trust launches new joint venture to acquire, own, and manage newly constructed, Class A, e-commerce distribution facilities throughout the U.S.
* Gramercy Property Trust - venture’s first acquisition is a forward purchase contract for $642 million
* Gramercy Property Trust - expects to finance initial acquisition with 55% to 60% property level mortgage debt
* Gramercy Property Trust - in discussions with several institutional capital partners, reached an agreement with a sovereign investor to anchor venture
* Gramercy Property Trust says will be issuing between 2.7 million and 4.8 million op units to seller as a component of purchase price as part of the deal
* Gramercy Property Trust - expects to contribute between 25% -50% of equity to venture, estimated to be between $64 million-$128 million at target leverage levels
* Gramercy Property Trust - op units for portfolio will be priced at $29.19 per share and total between $80 million and $139 million at current share price Source text for Eikon: Further company coverage: