Gramercy Europe has agreed to acquire Goodman Europe Development Trust's 20% stake in a €330 mln European logistics portfolio.
The remaining 80% of the portfolio is currently owned by Gramercy Property Trust, the New York-listed parent to Gramercy Europe. The transaction is expected to close by 31 May 2016.
The portfolio comprises eight warehouses in Germany and one warehouse in France, totalling 499,000 m2 of logistics space. All buildings were developed within the last eight years and are 100% let to strong single tenant occupiers with a weighted average lease term of 6.0 years.
Goodman has been mandated to carry out the property management services.
The assets comprise the 112,600 m2 Amazon Fulfillment Germany in Koblenz, the 107,600 m2 Amazon Logistik park in Graben, the 99,700 m2 Amazon Fr Logistique park in Lille, Lear Corporation in Bremen, and the Geodis Logistics, Poco Domäne in Bodenheim.
Gramercy Property Europe is an investment fund that targets single tenant net leased assets and sale leaseback transactions across Europe. The fund has initial equity commitments of €350 mln and will invest predominantly in industrial, office and specialty retail assets in Germany, the Netherlands, the Nordic region, and the UK.
