26 September 2017
London
Reporter: Theo Andrew

Gramercy closes €650 million industrial fund


Gramercy Europe has closed its third fund, focusing on pan-European logistics and industrial transactions, at €260 million.

Gramercy Property Europe III will be leveraged with a 60 percent loan-to-value ratio, giving it a total investment potential of €650 million.

The fund, which achieved the total in two months, will seek to acquire assets valued between €10 million to €200 million with a bias towards the German, French, Dutch and Spanish markets.

According to Gramercy, the fund will continue to fund build-to-suit developments, while undertaking sale-leaseback transactions and acquiring existing leased assets, as it plans to capitalise occupier demand for logistics and light industrial assets.

The capital raising follows the disposal of Gramercy’s €1 billion fund to AXA Investment Managers - Real Assets, in July.

Gramercy's Fund II initial rate of return is understood to be in excess of 35 percent.

Alistair Calvert, CEO of Gramercy Europe, said: “I believe that being able to close an all institutional equity fund in just two months is testament to both our clearly defined investment strategy and our successful track record of acquiring, managing and divesting industrial assets.”

He added: “Our mandate closely echoes that of our previous funds but with a widened appetite for shorter leases and more involved asset management needs. While the market gets ever more competitive, I am very encouraged by our pipeline of immediately executable transactions.”

More news
The latest news from Real Estate Investment Times
Join Our Newsletter

Sign up today and never
miss the latest news or an issue again

Subscribe now
Standard Chartered boosts CRE team
11 December 2017 | Singapore | Reporter: Stephanie Palmer
Standard Chartered has named Steven Cranwell as global head of commercial real estate for its global banking business
SoftBank and Compass in ‘largest ever’ US real estate tech investment
08 December 2017 | New York | Reporter: Stephanie Palmer
Real estate technology firm Compass has won $450 million in investment from the SoftBank Vision Fund, in what Compass has called the largest ever real estate technology investment deal in US history
Tristan fund makes first foray into Germany
07 December 2017 | Bonn | Reporter: Stephanie Palmer
The CCP 5 long-life fund, a core-plus fund advised by Tristan Capital Partners, has made its first investment in Germany, acquiring an office complex in Bonn for €35 million
JLL develops UK corporate solutions team
07 December 2017 | London | Reporter: Stephanie Palmer
JLL has named Sue Asprey Price as lead director of its corporate solutions business in the UK, with immediate effect
Link Asset Services appointed as real estate fund administrator
06 December 2017 | London | Reporter: Stephanie Palmer
Warehouse REIT, a specialist warehouse investor managed by Tilstone Partners, has selected Link Asset Services for fund administration
Dutch portfolio sold for €200 million
05 December 2017 | Amsterdam | Reporter: Stephanie Palmer
Patrizia Immobilien AG has sold a portfolio of 61 residential properties in the Netherlands, for around €200 million
Allianz tops off bumper 2017 with Broadway acquisition
04 December 2017 | New York | Reporter: Stephanie Palmer
Allianz Real Estate has acquired a 43 percent stake in 1515 Broadway, New York, a class-A building valued at $1.95 billion