Real estate investment fund manager Gramercy Europe has bought three warehouses in Spain for €32.3m on behalf of its third fund.

The Gramercy Property Europe III (GPE III) fund has acquired a fully let 24,032sqm and 25,930sqm logistics facilities in Constanti, south of Barcelona, for a total of €22.75m and a 20,120sqm warehouse in La Bisbal del Penedès, also south of Barcelona, for €9.5m.

Alistair Calvert, CEO of Gramercy Europe, said: “These three acquisitions support our strategy of identifying and acquiring tenant critical assets in under rented and under supplied pockets of Western Europe, where we believe we can deliver market outperformance through select asset management initiatives.”

GPE III closed in September 2017 with €262m in equity commitments and a mandate to capture recurring income through the acquisition of long-let, modern European logistics assets.

Following these transactions, GPE III’s property portfolio now totals 18 assets providing 500,000sqm of space, across Spain, France, Germany and the Netherlands.

In October last year, Gramercy said it will launch a fourth vehicle, targeting a final close in the first quarter of 2019, with around €400m of equity commitments, primarily from pension funds.

“We are in advanced discussions to deploy the remaining proceeds of the third fund in both existing and new markets, whilst also starting to identify a pipeline of opportunities to invest in on behalf of our new vehicle,” Calvert said.