Gramercy Europe is taking full control of a real estate portfolio it held in a joint venture with Goodman.
The investment manager, which focuses on sale-and-leaseback and single-tenant transactions, said its Gramercy Property Europe fund was taking the 20% stake it did not already hold in the nine-asset portfolio.
Goodman, which held the stake in its Goodman Europe Development Trust, will continue to manage the portfolio for Gramercy, with completion of the deal expected this month.
The remaining 80% of the portfolio is currently owned by Gramercy Property Trust, the New York-listed parent to Gramercy Europe.
The 499,000sqm portfolio includes eight warehouses in Germany and one warehouse in France.
Gramercy said all buildings were developed within the last eight years and were fully let to strong single-tenant occupiers.
The portfolio, which has an average lease term of six years, is occupied by tenants including Amazon and Deutsche Post.
Gramercy Europe last year bought three logistics assets in Poland and the Netherlands for around €60m.
The company bought 99,364sqm of logistics centres in Strykow and Piaseczno in Poland and the 26,379sqm Van den Heuvel Logistiek centre in Uden in the Netherlands.
Alistair Calvert, managing director and head of investment at Gramercy Europe, said the deals were part of the company’s plan to build a pan-European portfolio of industrial, office, retail and special-purpose assets with medium or long-term leases to “highly durable or investment-grade tenants”.
The company completed €220m of acquisitions in the second half of last year.
