Gramercy Europe picks up three Spanish sheds for €32m

Industrial specialist Gramercy Europe has acquired three warehouses in Spain for around €32.25 mln, in two seperate transactions, on behalf of Gramercy Property Europe III (GPE III).

'The Spanish logistics market is one of the fastest growing in Europe, as tenants upgrade to modern buildings and e-commerce penetration begins to catch up with other more established Western European countries,' said Alistair Calvert, CEO of Gramercy Europe.

'At the same time there is a shortage of both existing warehouse space, as well as land for new development, which is forcing tenants to look at new submarkets to service the major conurbations and which we expect to underpin significant rental growth across the sector in the medium-term.'

Both of the deals were executed in the Catalonia region. The fund acquired two logistics facilities in Constanti, south of Barcelona, in an established business park, for a total of €22.75 mln.

Built in 2006, the first property totals 24,032 m2 and is fully let to Chemiprats, a distributor of plastic polymers and resins, on a triple net, CPI linked lease with three years of obligatory term. The second property, constructed in 2008 and totalling 25,930 m2, is fully let to Ingram Micro, the global computer and electronic equipment distributor, with just under two years of obligatory term remaining on the lease.

Gramercy has also acquired an institutional quality, 20,120 m2 warehouse in La Bisbal del Penedès, also south of Barcelona, for €9.5 mln. Constructed in 2005, it is let to Naeko Logistics, a 3PL servicing a contract for an international retailer, with 3.5 years remaining on the lease.

'These three acquisitions support our strategy of identifying and acquiring tenant critical assets in under rented and under supplied pockets of Western Europe, where we believe we can deliver market outperformance through select asset management initiatives. We are in advanced discussions to deploy the remaining proceeds of the third Fund in both existing and new markets, whilst also starting to identify a pipeline of opportunities to invest in on behalf of our new vehicle,' added Calvert.

Following these transactions, GPE III’s property portfolio now totals 18 assets providing 500,000 m2 of space, across Spain, France, Germany and the Netherlands.


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