Gramercy Europe’s latest property fund has agreed its first deal by acquiring a 40,618sqm logistics warehouse in Tilburg, the Netherlands.

Gramercy Property Europe III (GPE III) has bought the asset, in a sale-leaseback transaction, for an undisclosed sum.

The building is let on a ten-year triple-net lease to PartyLite, a global home décor and fragrance provider.

Rory Buck, a senior director of Gramercy Europe, said: “This asset is of significant strategic importance to the tenant and we look forward to having a long relationship working with them. 

“The acquisition fits well within our thesis of acquiring logistics assets in strategic locations, let to quality tenants on long leases.”

GPE III closed in September of last year with €262m in equity commitments and a mandate to capture recurring income through the acquisition of long-let, modern European logistics assets.

GPE III will be leveraged at a 60% loan-to-value ratio, providing total potential capital of €650m.