Gramercy Europe鈥檚 latest property fund has agreed its first deal by acquiring a 40,618sqm logistics warehouse in Tilburg, the Netherlands.
Gramercy Property Europe III (GPE III) has bought the asset, in a sale-leaseback transaction, for an undisclosed sum.
The building is let on a ten-year triple-net lease to PartyLite, a global home d茅cor and fragrance provider.
Rory Buck, a senior director of Gramercy Europe, said: 鈥淭his asset is of significant strategic importance to the tenant and we look forward to having a long relationship working with them.
鈥淭he acquisition fits well within our thesis of acquiring logistics assets in strategic locations, let to quality tenants on long leases.鈥�
GPE III closed in September of last year with 鈧�262m in equity commitments and a mandate to capture recurring income through the acquisition of long-let, modern European logistics assets.
GPE III will be leveraged at a 60% loan-to-value ratio, providing total potential capital of 鈧�650m.
