Logistics property fund manager Gramercy Europe has announced 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.
The warehouse was built in 2008 for pulp and paper manufacturer Stora Enso.
Since starting its investment programme in February 2018 for Gramercy Property Europe III (GPE III), its latest European fund, Gramercy has closed on €350 mln of primarily modern, single-tenant net lease assets across Western Europe.
The portfolio now totals 15 assets providing 460,000 m2 of institutional quality space, across France, Germany and the Netherlands. Gramercy is in advanced discussions on a number of further acquisitions and expects to exceed a total of €500 mln of acquisitions by year-end.
Rory Buck, senior director of Gramercy Europe, commented: 'A combination of the strength of our local market and sector expertise, built up over considerable time, and the favourable 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. 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.'
Earlier this month, Gramercy's management announced 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, bringing with him over 30 years of senior experience operating across the European logistics sector.