Europe

Gramercy buys 74.9% stake in logistics portfolio

Europe-focused investment fund Gramercy Property Europe has agreed to acquire a 74.9% stake in a portfolio of logistics assets in Germany and France, from Gramercy Property Trust.

This will give the fund a total stake of 94.9% in the portfolio, following its acquisition of a 20% stake from Goodman Europe Development Trust on 31 May 2016.

The portfolio, comprising nine assets and 5.4m sq ft of space, is valued at more than €300m. The remaining 5.1% is owned by Gramercy Property Trust.

The buildings are fully leased to single tenants, with more than 60% of the rent due from Amazon.

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