NEW YORK--(BUSINESS WIRE)--Gramercy Property Trust (NYSE:GPT), a real estate investment trust, announced today that it updates its direct exposure to the British pound in light of the result of the referendum in the United Kingdom:
Capital Exposure - £36 million
Current NOI - £2 million
Gramercy owns an 80% interest in three high quality logistics assets in the United Kingdom as well as a 50,000 square foot office facility in Coventry, England. All of these assets are owned without leverage. Gramercy, as previously stated and in line with the Company’s disposition plan, plans to dispose of all of these assets over the next 12 months.
In addition, Gramercy expects the sale of the European assets owned in the Goodman joint venture will close on or before June 30, 2016 reducing Gramercy’s overall exposure to the Euro to approximately €50 million, of which the majority of the capital investment is hedged.
About Gramercy Property Europe plc
Gramercy Property Europe plc is an investment fund that targets single-tenant net leased assets and sale-leaseback transactions across Europe. The Fund has initial equity commitments of €350 million and will invest predominantly in industrial, office and specialty retail assets in Germany, the Netherlands, the Nordic region, the United Kingdom and other targeted European countries. Further information is available at www.gptreit.com/europe.
About Gramercy Property Trust
Gramercy Property Trust is a leading global investor and asset manager of commercial real estate. The Company specializes in acquiring and managing single-tenant, net-leased industrial and office properties. The Company focuses on income producing properties leased to high quality tenants in major markets in the United States and Europe.
To review the Company’s latest news releases and other corporate documents, please visit the Company's website at www.gptreit.com or contact Investor Relations at 212-297-1000.
