NEW YORK--(BUSINESS WIRE)--Third paragraph, first sentence should read: Year to date, the Company has disposed of approximately $991.5 million of assets in the United States and Europe at a weighted average 6.4% exit cap rate (instead of: Year to date, the Company has disposed of approximately $991.5 million of assets in the United States and Europe at a weighted average 6.5% exit cap rate).
The corrected release reads:
GRAMERCY CLOSES PREVIOUSLY ANNOUNCED SALE OF GOODMAN EUROPE JOINT VENTURE TO GRAMERCY EUROPE
Gramercy Property Trust (NYSE:GPT), a real estate investment trust, announced today that it disposed of a 74.9% interest in the Goodman Europe Development Trust joint venture consisting of nine logistics warehouses in Germany and France for a total value of $251.9 million and net cash proceeds of $149.5 million. The joint venture interest was sold to Gramercy Property Europe plc, a Europe-focused real estate investment fund sponsored and managed by a subsidiary of the Company. The Company retained a 5.1% net equity interest in the Goodman Europe Development Trust joint venture valued at approximately $10.8 million and a 14.2% net equity interest in Gramercy Property Europe plc valued at approximately $56 million.
Following this sale, Gramercy’s approximate total exposure to the United Kingdom and Europe will be the following:
| Net Capital | NOI | |||||||
| UK | $47 million | $2 million | ||||||
| Europe | $66 million | $9 million | ||||||
| Total | $113 million | $11 million | ||||||
Year to date, the Company has disposed of approximately $991.5 million of assets in the United States and Europe at a weighted average 6.4% exit cap rate. Total sale proceeds and weighted average cap rate are adjusted to reflect the Company’s pro rata ownership of assets owned in joint ventures.
The Company currently has approximately $289.1 million of dispositions under contract or letter of intent and approximately $350.5 million of assets in the market for sale. Dispositions under contract includes the sale of 75% of GPT’s interest in a portfolio of office properties into a joint venture. For more information, presentation materials can be found on the Company’s website www.gptreit.com in the Investor Relations section under “Events & Presentations.”
About Gramercy Property Trust
Gramercy Property Trust is a leading global investor and asset manager of commercial real estate. The Company specializes in acquiring and managing single-tenant, net-leased industrial and office properties. The Company focuses on income producing properties leased to high quality tenants in major markets in the United States and Europe.
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.
