Gramercy Europe holds €260m final close for third fund

Gramercy Europe, the European investment fund manager focused on pan-European logistics and industrial transactions, has held a €260 million ($306 million) final close for its third fund, Gramercy Property Europe III. The capital raising has been achieved within two months.

All equity commitments are from institutional investors. The fund will be leveraged up to 60 percent LTV providing total potential firepower of €650 million ($766 million).

The fund builds on the successful circa €1 billion ($1.17 billion) disposal of Gramercy’s last fund in its entirety to AXA Investment Managers – Real Assets, in July.

Gramercy Property Europe III will continue to source investments through funding build-to-suit developments, undertaking sale-leaseback transactions and acquiring existing leased assets in the logistics and light industrial property sector. The geographic focus of the fund will be on Continental Europe with a bias toward Germany, France, the Nether