A Goodwin London and Frankfurt cross-border team advised Gramercy Property Europe plc (the “Fund”), a Europe-focused real estate investment fund sponsored by Gramercy Property Trust (Gramercy), on the sale of 100% of the Fund’s assets to a consortium of clients managed by AXA Investment Managers – Real Assets (the “Buyer”).
The deal is worth approximately $1.1 billion (€1.0 billion) with an exit cap rate of approximately 6.2%. The transaction and a simultaneous disposition by Gramercy of its minority interest in eight Fund properties is expected to result in net distributions to Gramercy of approximately $96.6 million (€90.7 million).
Under the terms of the sale agreement, Gramercy Europe (Jersey) Limited, Gramercy’s Jersey-based investment and asset management subsidiary, will manage the assets for the Buyer for an agreed period of one year following the closing date.
Gramercy Property Trust is a leading global investor and asset manager of commercial real estate, specializing in acquiring and managing high quality, income producing commercial real estate leased to high quality tenants in major markets in the United States and Europe.
The team was led by partners James Spence and Peter Junghänel and included associates Tessa Parkes and Simon Woodcock, partner Ben Eaton and associate Alastair Slater in London; and partner Heiko Penndorf and associates Andreas Mallin, Dimitar Morfov, Catharina Englert in Frankfurt.
For additional details on the transaction, please read the press release.