Gramercy acquires Dutch cold storage facility

Gramercy Property Trust Inc, a real estate investment trust, has announced that Gramercy Property Europe plc (the Fund) closed on the acquisition of a cold storage logistics facility totaling 121,000 square feet located in Breda, Netherlands. Constructed in 2009, the asset is currently undergoing an expansion of 85,000 square feet which is scheduled for completion in December. The building is leased through 2025 to Mooy Logistics BV, a third party logistics and transportation company that specialises in the warehousing of fruits, vegetables and flowers. The facility, including the expansion, was acquired for approximately €17 million.
Michael Heal, Managing Director of Gramercy Europe, commented: “This transaction is another excellent example of our mandate to acquire single-tenant, high quality properties throughout Europe. It also illustrates our ability to provide counterparties with build-to-suit, or “take out,” financing with a forward lease commitment. We believe that the Fund is a compelling capital partner for growing companies seeking to alter or expand their real estate footprint.”