Gramercy Property Europe has agreed to acquire a 74.9% stake in a portfolio of logistics assets in Germany and France, from Gramercy Property Trust in a deal valuing the assets at €300 mln.
The transaction follows the fund’s acquisition in May this year of a 20% stake in the same portfolio, from Goodman Europe Development Trust.
Following both these transactions, the Fund now owns 94.9% of the portfolio by value, with the remaining 5.1% owned by Gramercy Property Trust, GEL’s New York Stock Exchange-listed parent company.
The portfolio comprises nine high quality logistics assets, eight of which are located in Germany and one in France, providing 500,000 m2 of space. The buildings have a weighted average age of five years and are fully leased to single tenants, with over 60% of the rent due from Amazon.
Goodman, the commercial and industrial property group, has been mandated to carry out the property management services.
'This is a significant acquisition for Gramercy Property Europe,' said Alistair Calvert, managing director of Gramercy Europe, adding that the deal lifts the acquisition volume carried out by the company over the past 12 months to €602 mln. The company focuses on long leased, single tenant assets across Europe.
The portfolio has a weighted average lease term of 8.6 years, with over half of the assets located in Germany, 24% in the Netherlands and 11% in France.
'We are currently closing on further assets for the Fund in Germany, France and the Netherlands. The investment pipeline is still highly active and we expect a significant investment volume through the next six months,' concluded Calvert.
The portfolio includes assets in Koblenz, Graben, Bremen, Bodenheim, Langenbach, Schonberg, Dueren in Germany and an asset in Lille, France.
