Gramercy Europe has acquired a 40,618 m2 logistics warehouse in Tilburg, the Netherlands, through a sale-leaseback, for its latest fund Gramercy Property Europe III (GPE III).
GPE III closed in September of last year with €262 mln in equity commitments and a mandate to capture recurring income through the acquisition of long-let, modern European logistics assets.
The building is let on a 10-year triple-net lease to PartyLite, a global home décor and fragrance provider, and represents the tenant’s sole EMEA distribution centre.
Gramercy achieved the capital raise for GPE III within just two months, shortly after the circa €1 bn disposal of its previous fund to AXA Investment Managers – Real Assets, in July 2017. GPE III will be leveraged up to 60% LTV, providing total potential firepower of €650 mln.
Rory Buck, senior director of Gramercy Europe, commented: 'This asset is of significant strategic importance to the tenant and we look forward to having a long relationship working with them.'
Gramercy was advised by Industrial Real Estate Partners. PartyLite was advised by CBRE.
