Gramercy Europe Limited, acting as advisor to Gramercy Property Europe plc, has agreed to acquire Goodman Europe Development Trust’s 20% stake in a European portfolio comprised of nine logistic warehouses.
The remaining 80% of the portfolio is currently owned by Gramercy Property Trust, the New York Stock Exchange listed parent to Gramercy Europe. The transaction is expected to close by 31 May 2016.
The portfolio of nine assets includes eight warehouses in Germany and one warehouse in France, totalling 499,000m² of high quality logistics space. All buildings were developed within the last eight years and are 100% let to strong single tenant occupiers with a weighted average lease term of 6 years. Goodman has been mandated to carry out the property management services.
The assets include:
- Koblenz, Germany – Amazon Fulfillment Germany GmbH – completed in 2012, with a total lettable area of 112,600m²
- Graben, Germany – Amazon Logistik GmbH – completed in 2011, with a total lettable area of 107,600m²
- Lille, France – Amazon. Fr Logistique SAS – completed in 2013, with a total lettable area of 99,700m²
- Bremen, Germany – Lear Corporation – completed in 2012 with a total lettable area of 29,800m²
- Bodenheim, Germany – Geodis Logistics, Poco Domäne - completed in 2012 with a total lettable area of 41,100m²
- Langenbach, Germany – DSV Stuttgart GmbH & Co. KG - completed in 2010 with a total lettable area of 20,900m²
- Schonberg, Germany – LK Logistik GmbH - completed in 2009 with a total lettable area of 42,200m²
- Dueren, Germany – Metsa Tissue GmbH - completed in 2008 with a total lettable area of 38,400m²
- Graben, Germany – Deutsche Post Immobilien GmbH - completed in 2011 with a total lettable area of 6,800m²
