Gramercy Property Europe has acquired a logistics asset in the UK's East Midlands region for £18.3 mln (€21 mln).
The property, dubbed Arrow, comprises 30,700 m2 of warehouse space and 1,300 m2 of offices and is located in the town of Worksop near Nottingham.
'The Arrow property is a strong addition to the Fund and demonstrates our ability to source UK transactions on attractive terms,' commented Michael Heal, managing director of Gramercy Europe. 'While we will remain highly selective on UK transactions, the UK is still the largest and most liquid property market in Europe. This purchase demonstrates our continued flexibility to sourcing single-tenant assets through a mix of development funding, sale-leaseback and straightforward property acquisitions,' he added.
The deal represents the fund’s 18th transaction in the past 15 months, with some €700 mln invested across 35 net-lease assets.
The asset is fully let to Siro Limited, with a guarantee from the international food manufacturing group Grupo Siro Corportivo, on a triple net lease until 2035. It was originally developed in 2007 by Gazeley.
Colliers International advised Gramercy Property on the purchase.
Gramercy Property was advised by Gramercy Europe.
