Gramercy Europe Limited, a real estate investment fund manager specialising in logistics and industrial assets, has inked its first acquisition following its recent management buyout, with the purchase of a 25,000 m2 warehouse in the Amsterdam Port area for €16 mln.
Since starting its investment programme in February 2018 for Gramercy Property Europe III (PE III), its latest European fund, Gramercy has closed on €350 mln of primarily modern, single tenant net lease assets.
The property portfolio now totals 15 assets representing 460,000 m2 of space across France, Germany and the Netherlands.
'A combination of the strength of our local market and sector expertise, built up over considerable time, and the favorable dynamics in our core markets, has seen us deploy the majority of our latest fund’s proceeds in less than a year; a significant achievement,' said Rory Buck, senior director of Gramercy Europe.
'France, Germany and the Netherlands will continue to be major markets for us, whilst we are also active in Italy and Spain, as we look to deploy the fund’s remaining proceeds and launch a new vehicle early next year.'
Last month, the management of Gramercy announced that it had independently completed the acquisition of the business from The Blackstone Group, following the latter’s acquisition of Gramercy’s US parent company, Gramercy Property Trust. Paul Graham, formerly EMEA head of real estate at DHL, has joined as non-executive chairman.
Gramercy said it is in advanced discussions on a number of further acquisitions and expects to exceed a total of €500 mln of acquisitions by the year end.