LONDON & NEW YORK--(BUSINESS WIRE)--Gramercy Property Trust Inc. (NYSE:GPT), a real estate investment trust, announced today that Gramercy Property Europe plc (the Fund), a Europe-focused real estate investment fund sponsored and managed by the Company, closed its first acquisition - the purchase and leaseback of an approximately 430,000 square foot industrial warehouse located near Neuwied, Germany. The property is leased to a leading German wholesaler of tires, rims and wheels, Reifen Gundlach GmbH, a 100% owned subsidiary of Dutch-headquartered Pon Group. The property was acquired for approximately €21 million. The seller was advised by CBRE Frankfurt.
Michael Heal, Managing Director of Gramercy Europe Limited, which is sub-adviser to the Fund and wholly owned by the Company, commented: “This transaction is an excellent illustration of our mandate to acquire non-prime but important, functional property that is net leased to high-quality tenants. It is the first of numerous transactions that we anticipate announcing this year as we build what we believe will become the leading investment platform for single-tenant property in Europe.”
About Gramercy Property Europe plc
Gramercy Property Europe plc is an investment fund that targets single-tenant net leased assets and sale-leaseback transactions across Europe. The Fund has initial equity commitments of €350 million and will invest predominantly in industrial, office and specialty retail assets in Germany, the Netherlands, the Nordic region, the United Kingdom and other targeted European countries. Further information is available at www.gptreit.com/europe.
About Gramercy Property Trust
Gramercy Property Trust Inc. is a leading global investor and asset manager of commercial real estate. Gramercy specializes in acquiring and managing single-tenant, net-leased industrial and office properties purchased through sale-leaseback transactions or directly from property developers and owners. It focuses on income producing properties leased to high quality tenants in major markets in the United States.
To review the Company’s latest news releases and other corporate documents, please visit the Company's website at www.gptreit.com or contact Investor Relations at 212-297-1000.
Forward-looking Information
This press release contains forward-looking information based upon the Company's current best judgment and expectations. Actual results could vary from those presented herein. The risks and uncertainties associated with forward-looking information in this release include, but are not limited to, factors that are beyond the Company's control, including the factors listed in the Company's Annual Report on Form 10-K, in the Company's Quarterly Reports on Form 10-Q and in the Company's Current Reports on Form 8-K. The Company undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. For further information, please refer to the Company's filings with the SEC.
