Jul
20
Gramercy Closes $1.1B Sale of Euro-Portfolio
ByThe transaction includes 35 assets totaling 11.6 million square feet, fully occupied. The properties are primarily in Germany and the Netherlands, with smaller footprints in France, Poland and the U.K.
Gramercy Property Europe has completed its previously announced sale of all of its assets to a consortium of clients managed by AXA Investment Managers—Real Assets.
The deal’s total gross valuation reportedly is about €1.0 billion ($1.1 billion), with an exit cap rate of about 6.2 percent. The transaction resulted in net distributions to Gramercy Property Trust of €90.8 million ($103.8 million).
Under the terms of the sale, Gramercy Europe (Jersey) Ltd., the parent company’s Jersey-based investment and asset management subsidiary, will continue to manage the assets for the buyer on a fixed-fee basis until July 2018…
