Gramercy Europe has added two Dutch assets worth €40m to its third logistics property fund.

The manager said it bought the warehouse outside Rotterdam and a development site in Utrecht, in two transactions, for Gramercy Property Europe III.

In Berkel en Rodenrijs, in the western part of the Netherlands, Gramercy has acquired, through a sale-leaseback, a 26,000sqm warehouse used as a distribution centre, from Sligro Food Group Nederland.

In a second transaction, Gramercy has agreed to acquire a development site from Borghese Logistics, who will act as development manager. The property will total 17,041sqm of space. Completion is planned for December 2019.

Alistair Calvert, the CEO of Gramercy Europe, said: “These most recent transactions reflect the diversity of the sorts of deals we will look at in markets that we know intimately, one a core, long let asset to a strong covenant and the second a speculative forward funding in a location that is seeing strong occupational demand, underpinned by structural trends.”

Following these transactions, Gramercy has now invested nearly €150m in the Netherlands for the fund, representing over 160,000sqm of leasable area.

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.

GPE III will be leveraged at a 60% loan-to-value ratio, providing total potential capital of €650m.