US property investment management firm Clarion Partners has acquired a majority stake in logistics investor Gramercy Europe.
The terms of the deal were not disclosed. Gramercy Europe will become an operating business of Clarion and be rebranded as Clarion Gramercy.
Current chief executive Alistair Calvert will remain in his role and lead the business’ offices in London, Berlin and Barcelona. In 2006, Calvert established ThreadGreen Partners, which was purchased by Gramercy Property Trust in December 2014 and subsequently rebranded as Gramercy Europe.
The deal marks Clarion’s expansion into the European market. It currently manages a 706-property portfolio, located in 42 markets with $50bn (£38.2bn) of assets under management.
David Gilbert, chief executive of Clarion Partners, said: “We are very excited to broaden the investment reach of Clarion Partners into the European markets.
“Clarion Gramercy and its seasoned team are a natural extension of Clarion’s leadership position in the US, managing a $16bn, 700-property portfolio of logistics assets.
“We are pleased to be in position to expand our product offerings to investors and to satisfy existing tenants that have needs beyond the Americas.”
Calvert said: “We plan to continue capitalising on the expansion of the undersupplied European logistics property market and leveraging the deep relationships that we have built with some of Europe’s leading businesses.
“We expect ongoing demand from a range of occupiers that span Europe and US, fuelled by the growth in e-commerce and expanded trade.”
Legg Mason, the majority owner of Clarion Partners, said it viewed the deal as part of a strategic commitment to furthering growth opportunities for its investment affiliates.
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