Gramercy Europe has closed its third fund with €260m (£228m) of equity, three months after selling its previous portfolio to AXA Investment Managers RE in July for €1bn.
The new fund will again focus on continental industrial assets and with gearing up to 60% will have around €650m to deploy.
Gramercy said it aims to source a portfolio of 30-40 assets in “defensible” locations with a bias towards Germany, France, the Netherlands and Spain. Lot sizes will range from €10m to €200m, and will focus on forward funding, sale and leaseback and the acquisition of existing assets.
All equity is from institutional investors.
Alistair Calvert, chief executive of Gramercy Europe, said: “I believe that being able to close an all-institutional equity fund in just two months is testament to both our clearly defined investment strategy and our successful track record of acquiring, managing and divesting industrial assets.
“Our mandate closely echoes that of our previous funds but with a widened appetite for shorter leases and more involved asset management needs. While the market gets ever more competitive, I am very encouraged by our pipeline of immediately executable transactions.”
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