Gramercy buys 74.9% of €300m logistics portfolio – Exclusive

The new deal comes on heels of the London-based real estate investment manager’s acquisition of a 20 percent stake in the same assets last month. 


Gramercy Europe, the London-based real estate investment fund manager, has acquired a 74.9 percent stake in a portfolio of nine European logistics assets valued at more than €300 million.

The portfolio, which was purchased on behalf of the firm’s principally core-focused Gramercy Property Europe fund, comprises nine logistics assets, eight of which are located in Germany and one in France.

The assets offer a total of 5.4 million square feet of space and are fully leased to single tenants, with over 60 percent of the rent due from Amazon. One such asset is the 1.2 million square foot Amazon warehouse (pictured) in the central German city of Koblenz.

Following the deal, Gramercy Europe now owns 94.9 percent of the portfolio after last month’s acquisition of a 20 percent stake in the nine assets from global logistics property firm Goodman Europe Development Trust. The remaining 5.1 percent of the portfolio is still owned by Gramercy Europe’s parent company, the New York Stock Exchange-listed asset manager Gramercy Property Trust.

Alistair Calvert, managing director of Gramercy Europe, said: “This is a significant acquisition for Gramercy Property Europe. In the past 12 months, we have acquired €602 million of long leased, single tenant assets across Europe. The majority of the portfolio comprises high quality logistics assets and the fund has a WALT of 8.6 years.”

Gramercy Europe said it was in the process of completing deals for further assets for the fund in Germany, France and the Netherlands. The firm said its investment pipeline was still “highly active” and it expected a “significant investment volume” throughout the next six months.

“Gramercy Property Europe is well positioned going into the uncertain markets of the coming months,” said Calvert. “The investment mandate to create a long dated yield vehicle is more relevant than ever and we believe our investment thesis and geographic focus to be highly appropriate.”

Goodman has been appointed as the portfolio’s property manager.