Gramercy Europe Acquires Four Logistics and Industrial Assets for $128 Million
Gramercy Property Trust Inc., a real estate investment trust, 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 $128 million.
Two of the logistics facilities, totaling 1,069,500 square feet, were acquired in a $67.8 million 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 remaining lease term of eight years.
The third logistics facility was acquired in a $23.4 million 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 square feet. Upon acquisition, the tenant signed a new lease for the entire property with an initial term of 11 years.
“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,” said Alistair Calvert, managing director and head of investments at Gramercy Europe. “We have completed over $330 million of acquisitions in the second half of 2015 in seven separate transactions and have added over three million square feet of functional space in Germany, the Netherlands, and Poland to our portfolio.”
The office and production facility, located in Venray, the Netherlands, was acquired for a purchase price of $36.2 million. Spanning 301,400 square feet, the property was built to suit for the world’s second largest supplier of roof systems for cars and trucks. The facility is fully leased through 2030.
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