Gramercy Closes on Sale of Europe Fund

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

NEW YORK CITY—Gramercy Property Trust (GPT) said Tuesday that a Europe-focused fund sponsored by GPT had completed the previously announced sale of 100% of the fund’s assets to a consortium of clients managed by AXA Investment Managers — Real Assets. GlobeSt.com reported in May that the deal by Gramercy Property Europe plc valued the assets at €1.0 billion (US$1.1 billion), with an exit cap rate of approximately 6.2%.

The sale resulted in net distributions to GPT of €90.8 million, or about US$103.8 million. Gramercy Europe (Jersey) Ltd., GPT’s Jersey-based investment and asset management subsidiary, will continue to manage the assets for the buyer on a fixed-fee basis until July 2018.