Gramercy Property Trust subsidiary Gramercy Europe paid €30 million for two logistics warehouses in Germany on behalf of its Gramercy Property Europe III fund, IPE Real Assets reported.
In a sale-and-leaseback deal with a parcel and courier company, the real estate investment fund manager acquired a 16,911-square-meter, two-building warehouse in Offenau, Baden-Württemberg, that is occupied on a new five-year, triple-net lease.
It also bought a 20,538-square-meter warehouse in Solingen, North Rhine-Westphalia, that is fully let to Rhenus Freight Logistics and Zwilling Beauty Group, with five years remaining on the leases, according to the report.
