Gramercy Europe has acquired a newly-built warehouse facility in Carlisle, UK in a sale-and-leaseback worth £17 mln (€21.5 mln).
Gramercy Europe has acquired a newly-built warehouse facility in Carlisle, UK in a sale-and-leaseback worth £17 mln (€21.5 mln).
The transaction was conducted on behalf of the Gramercy Property Europe fund and represents the fund’s first in the UK.
The vehicle has completed 10 deals in the past six months amassing a portfolio of nearly €290 mln, spanning 390,000 m2 in Germany, the Netherlands, the UK and Poland.
The Carlisle acquisition totals 315,000 sq ft (29,300 m2) of space and is primarily occupied by Eddie Stobart, with an overriding 20-year triple net lease from Stobart Group, a UK infrastructure and support services business listed on the London Stock Exchange.
The warehouse was completed in September 2015. Additionally, there is land adjacent to the warehouse earmarked for development for future users.
'We intend to carry this momentum throughout 2016 as we continue to amass a pan-European portfolio of mission-critical assets in major markets,' said Michael Heal, managing director of Gramercy Europe.
Richard Butcher, CEO Stobart Energy & Infrastructure at Stobart Group, commented: 'This transaction is in line with our corporate strategy of realising value from mature asset disposals.'
