Search
 

AXA Group Snaps Up Gramercy’s Euro Logistics Assets

NEW YORK CITY—Gramercy Europe (Jersey) Ltd. will manage the assets, mainly single-tenant logistics facilities, on behalf of a consortium of clients managed by AXA Investment Managers - Real Assets.

Exterior of warehouse Gramercy Property Europe acquired this H&M distribution center in Tiel, the Netherlands, this past October.

NEW YORK CITY—A Europe-focused fund sponsored by Gramercy Property Trust has agreed to sell 100% of its mainly logistics assets to a consortium of clients managed by AXA Investment Managers — Real Assets. The deal values the assets at €1.0 billion (US$1.1 billion), with an exit cap rate of approximately 6.2%.

Under the terms of the sale agreement, Gramercy Europe (Jersey) Ltd., GPT’s Jersey-based investment and asset management subsidiary, will manage the assets for the AXA IMRA consortium for one year following the closing. It’s expected to occur in the third quarter.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

Paul Bubny

Paul Bubny

Paul Bubny is managing editor of Real Estate Forum and GlobeSt.com. He has been reporting on business since 1988 and on commercial real estate since 2007. He is based at ALM Real Estate Media Group's offices in New York City.

More from this author

Recommended Stories

Downtown Denver MXD Building Trades

Downtown Denver MXD Building Trades

Adele Carter |

“Northland recognized the irreplaceable nature of this asset, which marks their entry into the Denver market."

Nominate a Net Lease Expert

Nominate a Net Lease Expert

Ingrid Tunberg |

Do you know a professional and/or company that has helped shape the net lease sector? Submit a candidate for GlobeSt.'s Influencers in Net Lease recognition before May 29!

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.