Gramercy Europe has acquired a 25,000m² warehouse in the Amsterdam Port area for €16m. Strategically located in Europe’s fourth busiest port, the warehouse was built in 2008 for pulp and paper manufacturer Stora Enso. The deal marks the company's first acquisition following its recent management buyout.
Since starting its investment programme in February 2018 for Gramercy Property Europe III (GPE III), its latest European fund, the company has closed on c.€350m of primarily modern, single tenant net lease assets, across its core Western European markets, The property portfolio now totals 15 assets providing 460,000m² of institutional quality space, across France, Germany and the Netherlands. Gramercy is in advanced discussions on a number of further acquisitions and expects to exceed a total of €500m of acquisitions by the year-end.
The Amsterdam Port transaction is Gramercy’s sixth property acquired in the Netherlands this year with a total investment of over €100m representing 140,000m² of leasable area.
Rory Buck, Senior Director of Gramercy Europe, commented: “A combination of the strength of our local market and sector expertise, built up over considerable time, and the favourable dynamics in our core markets, has seen us deploy the majority of our latest Fund’s proceeds in less than a year; a significant achievement. France, Germany and the Netherlands will continue to be major markets for us, whilst we are also active in Italy and Spain, as we look to deploy the Fund’s remaining proceeds and launch a new vehicle early next year. Our focus has been on acquiring tenant-critical assets that offer some value-enhancing asset management potential whilst also delivering visible and stable long-term income streams, which will allow us to continue to deliver market outperformance on behalf of our investors.”
