Gramercy Europe said on Wednesday that it is investing a total of €30 mln in two logistics warehouses in Germany, through two separate transactions.
The two purchases have been made on behalf of the firm's latest fund, Gramercy Property Europe III (GPE III) and follow the acquisition of a 40,000 m2 Dutch logistics warehouse.
Gramercy secured the acquisition of a 16,911 m2 institutional quality logistics warehouse in Offenau, South-West Germany, through a sale and leaseback with a major parcel and courier company.
Completed in 2000 and comprising two adjacent buildings of 11,367 m2 and 5,544 m2, the tenant has agreed a new five year, triple net lease.
In a second transaction, Gramercy is investing into a 20,538 m2 logistics warehouse, located in Solingen, North Rhine-Westphalia, 20km east of Dusseldorf.
Built in 2005, the modern building is fully let to Rhenus Freight Logistics (71%), the global logistics provider and Zwilling Beauty Group (29%), the premium products distributor, with five years remaining on the leases.
Alistair Calvert, CEO of Gramercy Europe, commented: '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.'
