Gramercy Europe has acquired a core logistics asset in eastern Germany, marking the fund manager's 16th transaction within the last 12 months.
The investment programme is geared towards provoding Gramercy Property Europe, a Europe-focused real estate investment fund, with a portfolio of single-tenant properties that generate stable long-term income. Gramercy Europe is part of the US-based sale-and-leaseback specialist REIT, Gramercy Property Trust.
The latest transaction relates to a warehouse in Meerane, a town located in the vicinity of Leipzig and Dresden and not from the border with the Czech Republic.
The institutional-quality warehouse, built in 2008, comprises 25,110 m2 of logistics space with an additional 2,100 m2 of office space, offering clear 10-metre heights, 49 loading docks, and 5 tonnes per m2 floor loading capacity.
The building is let to Rhenus, one of Germany's largest logistics provider with an annual turnover of over €4 bn, until 2021, with the option of a five-year extension.
Gramercy said that Meerane is a strategic industrial location, in the east Germany logistics cluster of Gera-Zwickau-Chemnitz, adjacent to the A4 motorway intersection, one of Germany's key east-west axes. Several leading automotive companies are situated in the area, including Magna and Volkswagen.
To date Gramercy Property Europe has invested €627 mln, acquiring 31 assets, across the industrial, office and specialty retail sectors in Germany, the Netherlands, the Nordic region, the UK and other targeted European countries.
