NEW YORK--(BUSINESS WIRE)--Gramercy Property Trust (NYSE:GPT), a real estate investment trust, announced today that it closed on the sale of one wholly owned single-tenant office building in Coventry, United Kingdom for gross proceeds of £9.0 million. In addition, the Company disposed of its 80% interest in a single-tenant logistics building located in Rugby, United Kingdom for pro rata gross proceeds of £12.0 million. Prior to the sales, the Company completed a new lease with a multinational utility company at the Coventry property and a renewal with a global logistics provider at the Rugby property. The weighted average remaining lease term for the two sold properties was 9.9 years at closing. The Company’s United Kingdom joint venture with Goodman Holdings Jersey Trust has two remaining warehouses that are currently being repositioned and are expected to be disposed of in the first half of 2017.
With these dispositions, the Company has sold over $1.5 billion of single and multi-tenant assets in the United States and Europe in 2016. These property sales are a part of the Company’s previously announced plan to dispose of select non-core assets following the merger with Chambers Street Properties. The weighted average exit cap rate for these dispositions is 6.8% and reflects the Company’s pro rata share of joint venture assets acquired and sold. Currently, the Company has approximately $120.0 million of assets in the market for sale.
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 1-888-686-0112.