Real estate investment fund manager Gramercy Europe has acquired two warehouses in Germany for €30m.
Gramercy, which specialises in logistics and industrial assets said it bought the assets on behalf of its latest fund, Gramercy Property Europe III (GPE III).
Gramercy said it bought a 16,911sqm logistics warehouse in Offenau, South-West Germany, through a sale and leaseback with a parcel and courier company.
Completed in 2000 and comprising two adjacent buildings of 11,367sqm and 5,544 sqm, the tenant has agreed a new five year, triple net lease.
Gramercy has also acquired a 20,538sqm logistics warehouse, located in Solingen, North Rhine-Westphalia.
Built in 2005, the building is fully let to Rhenus Freight Logistics, the global logistics provider and Zwilling Beauty Group, the distributor of the products, with five years remaining on the leases.
Alistair Calvert, the CEO of Gramercy Europe, said: “These acquisitions fit well with our strategy of acquiring modern, institutional quality assets, let to strong covenants, in strategic logistics locations, which offer attractive and visible income streams.
“We are pleased with the speed at which we have been able to deploy capital, with three assets acquired since close and several transactions that we expect to announce in the near term.“
Earlier this month, Gramercy’s latest property fund agreed its first deal by acquiring a 40,618sqm logistics warehouse in Tilburg, the Netherlands, for an undisclosed sum.