Gramercy Europe Announces the Acquisition of a €71.5M Retail Portfolio in Germany and the Netherlands

Gramercy Property Trust Inc. GPT, a real estate investment trust, announced today that Gramercy Property Europe plc (the Fund), a Europe-focused real estate investment fund sponsored and managed by the Company, acquired a portfolio of four fully occupied large format retail stores. Totaling approximately 590,000 square feet, two of the buildings are located in Germany and two are located in the Netherlands. The facilities are leased to, or guaranteed by, Hornbach Baumarkt AG, a leading European retailer of home improvement products. In aggregate, the properties were acquired for a total purchase cost of approximately €71.5 million and have a weighted average remaining lease term of 9.0 years. Alistair Calvert, Head of Investments and Managing Director of Gramercy Europe Limited, commented, "This transaction demonstrates our investment strategy perfectly, specifically through the acquisition of long term leased, single tenant assets in two of our target markets. Hornbach Baumarkt AG is a strong tenant for the Fund and the assets are quality retail units in supportable locations."