{"id":1004147415,"date":"2016-07-06T01:18:11","date_gmt":"2016-07-06T09:18:11","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004147415"},"modified":"2020-04-30T06:42:43","modified_gmt":"2020-04-30T14:42:43","slug":"gramercy-sells-stake-in-european-development-trust","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/gramercy-sells-stake-in-european-development-trust\/","title":{"rendered":"Gramercy Sells Stake in European Development Trust"},"content":{"rendered":"<p>By Keith Loria, Contributing Editor<\/p>\n<div id=\"attachment_1004147417\" style=\"width: 310px\" class=\"wp-caption alignright\"><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/07\/070212H_7896cp.jpg\" target=\"_blank\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-1004147417\" data-attachment-id=\"1004147417\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/gramercy-sells-stake-in-european-development-trust\/070212h_7896cp\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/07\/070212H_7896cp-e1467797210506.jpg\" data-orig-size=\"447,187\" data-comments-opened=\"1\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;1&quot;}\" data-image-title=\"070212H_7896(cp)\" data-image-description=\"\" data-image-caption=\"\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/07\/070212H_7896cp-e1467797210506.jpg?w=447\" class=\"wp-image-1004147417 size-medium\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/07\/070212H_7896cp-e1467797210506.jpg\" alt=\"Gramercy Property Trust industrial property\" width=\"300\" height=\"126\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/07\/070212H_7896cp-e1467797210506.jpg 447w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/07\/070212H_7896cp-e1467797210506.jpg?resize=300,126 300w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><\/a><p id=\"caption-attachment-1004147417\" class=\"wp-caption-text\">Gramercy Property Trust industrial property<\/p><\/div>\n<p><strong>New York<\/strong>\u2014<a href=\"https:\/\/www.gptreit.com\/\" target=\"_blank\" rel=\"nofollow\">Gramercy Property Trust<\/a> has disposed of a 74.9 percent interest in the Goodman Europe Development Trust joint venture, comprised of nine logistics warehouses in Germany and France, for $251.9 million and net cash proceeds of $149.5 million, to Gramercy Property Europe plc.<\/p>\n<p>GPT retained a 5.1 percent net equity interest in the joint venture, which is valued at approximately\u00a0$10.8 million and a 14.2 percent net equity interest in Gramercy Property Europe plc, valued at approximately $56 million.<\/p>\n<p>In a separate deal, GPT disposed of its joint venture with\u00a0<a href=\"https:\/\/www.dukerealty.com\/\" target=\"_blank\" rel=\"nofollow\">Duke Realty Corp.<\/a>, in which seven of eight properties were distributed to GPT. The assets comprised a total of 4.2 million square feet and consisted of five industrial properties and two office properties located in Dallas, Chicago, Indianapolis, Columbus, Jacksonville, Tampa and Nashville. The joint venture retained a 1 million-square-foot industrial property located in Phoenix.<\/p>\n<p>According to the company\u2019s First Quarter 2016 supplemental report, GPT\u2019s plan is to sell $1.1 to $1.2 billion in assets and reduce office NOI to 25 percent of its portfolio.<\/p>\n<p>So far in 2016, Gramercy has disposed of nearly $991.5 million of assets in the United U.S. and Europe at a weighted average 6.4 percent exit cap rate.<\/p>\n<p>In total, Gramercy\u2019s total exposure to the U.K. is $47 million in net capital and $2 million in NOI; and $66 million net capital and $9 million NOI in Europe.<\/p>\n<p>Gramercy currently has approximately $289.1 million of dispositions under contract or letter of intent and approximately $350.5 million of assets in the market for sale. That includes the sale of 75 percent of GPT\u2019s interest in a portfolio of office properties into a joint venture.<\/p>\n<p><em>Image courtesy of Gramercy Property Trust<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The REIT has disposed of a 74.9 percent interest in a nine-property logistics portfolio in Germany and France.<\/p>\n","protected":false},"author":451,"featured_media":1004508337,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21743,21808,21825,21748,16,1600,21742,10],"tags":[],"class_list":["post-1004147415","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-deals","category-featured","category-finance","category-industrial","category-international","category-new-york","category-latest","category-northeast"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.0) - 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