Gramercy Property Trust Launches New Joint Venture to Acquire, Own, and Manage Newly Constructed, Class A, E-Commerce Distribution Facilities Throughout the U.S.

NEW YORK--(BUSINESS WIRE)--Gramercy Property Trust (NYSE:GPT), a real estate investment trust, announced today that it launched a new joint venture to acquire, own and manage Class A distribution centers leased to leading e-commerce tenants on long-term leases across the country (the “Venture”). The Company is in discussions with several institutional capital partners and has reached an agreement with a sovereign investor to anchor the Venture. The Venture’s first acquisition is a forward purchase contract for $642 million. The Company expects to contribute between 25% and 50% of the equity to the Venture, estimated to be between $64 million and $128 million at target leverage levels. The Company expects to finance the initial acquisition with 55% to 60% property level mortgage debt.