Gramercy Property Trust Announces Acquisition of $521 Million Core Logistics Portfolio

NEW YORK--(BUSINESS WIRE)--Gramercy Property Trust (NYSE:GPT), a real estate investment trust, announced today that it has closed on the acquisition of a 17-property, 10.3 million square foot, Class A warehouse portfolio (the “Portfolio”) for $521 million. The Portfolio consists of 17 bulk warehouses located in key logistics markets throughout the United States. The Company assumed approximately $198 million of secured debt in connection with the acquisition with a weighted average interest rate of 4.1% and a weighted average maturity of 3.9 years. With this acquisition, the Company’s 2016 investment volume exceeds $1.3 billion at an average initial cash cap rate of 6.9% (7.5% straight-line cap rate) and 9.9 years of weighted average remaining lease term.