NEW YORK--(BUSINESS WIRE)--Gramercy Property Trust Inc. (NYSE: GPT), a real estate investment trust, announced today that Gramercy Property Europe plc (the Fund), a Europe-focused real estate investment fund sponsored and managed by the Company, acquired a portfolio of four fully occupied large format retail stores. Totaling approximately 590,000 square feet, two of the buildings are located in Germany and two are located in the Netherlands. The facilities are leased to, or guaranteed by, Hornbach Baumarkt AG, a leading European retailer of home improvement products. In aggregate, the properties were acquired for a total purchase cost of approximately €71.5 million and have a weighted average remaining lease term of 9.0 years.
Alistair Calvert, Head of Investments and Managing Director of Gramercy Europe Limited, commented, “This transaction demonstrates our investment strategy perfectly, specifically through the acquisition of long term leased, single tenant assets in two of our target markets. Hornbach Baumarkt AG is a strong tenant for the Fund and the assets are quality retail units in supportable locations.”
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 Inc. 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 purchased through sale-leaseback transactions or directly from property developers and owners. 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.