Gramercy Property Trust Announces Indirect Sale of Gramercy Europe Assets to a Consortium of Clients Managed by AXA Investment Managers – Real Assets

NEW YORK--(BUSINESS WIRE)--Gramercy Property Trust (NYSE:GPT), a real estate investment trust, announced today that Gramercy Property Europe plc (the “Fund”), a Europe-focused real estate investment fund sponsored by the Company and managed by a subsidiary of the Company, has entered into an agreement to sell 100% of the Fund’s assets to a consortium of clients managed by AXA Investment Managers – Real Assets. The total gross valuation is approximately €1.0 billion ($1.1 billion) with an exit cap rate of approximately 6.2%. The transaction and a simultaneous disposition by the Company of its 5.1% minority interest in eight Fund properties is expected to result in net distributions to the Company of approximately €90.7 million ($96.6 million), inclusive of a promoted interest distribution of approximately €7.9 million ($8.4 million).