Gramercy Europe’s third fund has bought two warehouses in France worth €37m in total.
Gramercy Property Europe III bought a 22,567sqm logistics facility in Lyon and a 16,568sqm warehouse in Rouen in two separate transactions.
Built in 2012, the Lyon asset was acquired for €22m, Gramercy said. As part of the sale and leaseback, Gramercy has secured a third-party logistics provider on a new eleven year, double net lease.
The warehouse in Rouen was acquired from Groupe Financier JC Parinaud for €15m. The asset is let to the government-owned postal company La Poste, Gramercy said.
The latest deal takes Gramercy’s investment in France in the past 12 months to a total of nine assets and total investment value in France of about €220m.
Alistair Calvert, CEO of Gramercy Europe, said: “Occupier demand for modern logistics space continues to outstrip supply, underpinning significant rental growth and whilst e-commerce penetration in France is currently lower than other major Western European economies, we expect it to catch up in the medium term, which is why we have such a high exposure for our latest fund in this market.”