Gramercy Property Europe plc (“Gramercy Property” or the “Fund”), the Europe-focused real estate investment fund, announces that it has acquired a core logistics asset in Frechen, Germany, for a purchase cost of €10.4m. Gramercy Property was advised by Gramercy Europe Limited, a real estate investment fund manager focused on pan-European sale and leaseback and single-tenant transactions. This is the Fund’s 15th transaction within the past 12 months and supports the stated strategy of acquiring single-tenant properties that will generate stable, long-term income.
The cross-dock property, with 109 dock doors, comprises 16,008m² of logistics space and 2,392m² of office space. The building is let until 2025 to T-log Trinklogistik GmbH, a subsidiary of Germany’s largest supermarket chain, EDEKA Zentrale, and serves as an important beverage distribution centre for the Rhein-Rhur region. It is located within the Europalle Suburban industrial park on the outskirts of Cologne, which is a prime distribution location in Western Germany that benefits from excellent road and air connectivity.
Alistair Calvert, Managing Director & Head of Investment at Gramercy Europe, commented: “Over the past twelve months we have succeeded in building out a platform of core pan-European assets through 15 separate transactions, leveraging the expertise and skills of our investment team to identify properties which fit the Fund’s stated strategy. Germany remains our core target market and we have an active and growing pipeline across the country.”
