Gramercy Property Trust Announces Two Dispositions in the United Kingdom Totaling £21.0 Million

NEW YORK--(BUSINESS WIRE)--Gramercy Property Trust (NYSE:GPT), a real estate investment trust, announced today that it closed on the sale of one wholly owned single-tenant office building in Coventry, United Kingdom for gross proceeds of £9.0 million. In addition, the Company disposed of its 80% interest in a single-tenant logistics building located in Rugby, United Kingdom for pro rata gross proceeds of £12.0 million. Prior to the sales, the Company completed a new lease with a multinational utility company at the Coventry property and a renewal with a global logistics provider at the Rugby property. The weighted average remaining lease term for the two sold properties was 9.9 years at closing. The Company’s United Kingdom joint venture with Goodman Holdings Jersey Trust has two remaining warehouses that are currently being repositioned and are expected to be disposed of in the first half of 2017.