Gramercy Europe picks up Polish and Dutch logistics for €60m

Gramercy Europe has acquired three logistics and industrial real estate assets in Poland and the Netherlands for a total of €60 mln.

The assets were purchased for the fund, Gramercy Property Europe, in two separate sale-and-leaseback transactions.

Alistair Calvert, managing director & head of investment at Gramercy Europe, commented: 'These acquisitions are indicative of our clear ambition to build a pan-European portfolio of industrial, office, retail and special purpose assets with medium or long-term leases to highly durable or investment grade tenants. We have completed over €220 mln of acquisitions in the second half of 2015 which has added over three million square feet (279,000 m2) of high quality well-let space to our portfolio.'

In the Netherlands, Gramercy Europe acquired the Van den Heuvel logistics centre in the logistics hub of Uden for €15.6 mln. Van den Heuvel Logistiek occupies the entire 26,400 m2 building and has signed a new lease with an initial term of 11 years. The 25-year-old warehouse and distribution centre employs 210 people and is located adjacent to the A50 Motorway which runs north to south from Zwolle to Eindhoven.

Gramercy Europe acquired two logistics facilities totalling 99,364 m2 in Poland in a €45.1 million sale-and-leaseback transaction with the Raben Group which fully occupies both buildings and has a blended average remaining lease term of eight years.

The Raben Group is a family owned European third party logistics provider that has operated throughout Central and Eastern Europe for over 80 years and is the largest operator in Poland. These assets are located in Strykow, at the interchange of the A1 and A2 motorways, approximately 100 km west of Warsaw and 20 km north of Lodz, one of Poland’s mains logistics hubs, and in Piaseczno, 15 km south of Warsaw and in close proximity to the A2 motorway which runs East to West from Warsaw, Poznan and Berlin.