Gramercy Property Trust Inc., a real estate investment trust, announced that Gramercy Property Europe plc recently closed three separate transactions on the acquisition of three logistics assets and one office and production facility located in Poland and the Netherlands for an aggregate purchase price of approximately €85m.
Two of the logistics facilities, totalling 1,069,500 sq ft, were acquired in a €45.1m sale and lease back transaction with a third party logistics provider that operates in Central and Eastern Europe. Located in Strykow and Piaseczno, Poland, the tenant fully occupies both buildings and has a weighted average remaining lease term of eight years. The third logistics facility was acquired in a €15.6m sale and lease back transaction with a company that provides warehousing and logistics services in the Netherlands, Belgium and Luxembourg. The facility is located in Uden, the Netherlands and totals 283,900 sq ft. Upon acquisition, the tenant signed a new lease for the entire property with an initial term of 11 years.
The office and production facility, located in Venray, the Netherlands, was acquired in conjunction with Gramercy Europe’s local partner, Meijer Realty Partners B.V., for a purchase price of approximately €24.1m. Spanning 301,400 sq ft, the property was a build-to-suit for the world’s second largest supplier of roof systems for cars and trucks. The facility is fully leased through 2030.
Alistair Calvert, Managing Director & Head of Investments at Gramercy Europe, commented, “These acquisitions are indicative of our clear ambition to build a pan-European portfolio of industrial, office, retail and special purpose assets with medium or long-term leases to high quality tenants. We have completed over €220m of acquisitions in the second half of 2015 in seven separate transactions and have added over 3m sq ft of functional, well-let space in Germany, the Netherlands and Poland to our portfolio.”