LONDON—Gramercy Property Trust Inc. is leadinga joint venture of investment partners to form GramercyEurope, which has closed with 350 million euros in equitycapital, or about US $428 million. The London-based JV will targetsingle-tenant net leased assets and sale-leaseback opportunitiesacross Europe.
“We believe this new investment vehicle gives Gramercyshareholders access to European net leased assets in scale and inpartnership with deep-pocketed and sophisticated partners,” saysGordan DuGan, GPT's CEO and an appointee toGramercy Europe's board. “Gramercy will have a fully-integratedteam on the ground that we have worked with in the past and astrategy that I have many years of experience with. We hope toreplicate the success we have had with Gramercy Property Trust withour effort on Gramercy Europe.”
Simultaneously with the closing on the Gramercy Europe JV, GPTand its partners purchased ThreadGreen EuropeLtd., which will manage the investment vehicle on a day-to-daybasis. Deal terms were not disclosed.
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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.
