NEW YORK -- (Business Wire)
Gramercy Property Trust Inc. (NYSE:GPT), a real estate investment
trust (“Gramercy” or the “Company”), announced today, along with several
of its investment partners, the closing of a €350 million venture
(“Gramercy Europe”) targeting single-tenant net leased assets and
sale-leaseback opportunities across Europe, and the simultaneous
acquisition of ThreadGreen Europe Limited (“ThreadGreen”), an existing
property investment and asset management platform.
Gramercy Europe is a joint venture among the Company and investment
entities managed by EJF Capital LLC (“EJF”), Fir Tree Partners (“Fir
Tree”) and Senator Investment Group LP (“Senator”), along with certain
other investors (collectively, the “Founding Investors”). Gramercy
Europe will invest predominantly in single-tenant industrial, office and
specialty retail assets in Germany, the Netherlands, the Nordic region,
the United Kingdom and other targeted European countries. The total
equity capital available to Gramercy Europe is €350 million, comprised
of an initial commitment of €250 million of equity from Gramercy and the
Founding Investors as well as an additional capital accordion of €100
million. Gramercy has a total commitment of €50 million to the venture.
Simultaneously with the closing of the venture, Lindsay Sparacino of
EJF, Jarret Cohen of Fir Tree and Michael Simanovsky of Senator will
join the board of directors of Gramercy Europe, together with certain
representatives appointed by Gramercy, including Gordon F. DuGan.
Simultaneous with the closing of Gramercy Europe, the Company is
purchasing all of the assets of ThreadGreen Europe Limited who will
provide the day-to-day management of the investment vehicle. With the
ThreadGreen purchase, Gramercy has a fully-integrated presence in
Europe, including investment personnel, asset management capability as
well as all support functions in those areas. Principals of the Company
and ThreadGreen worked together for a number of years at W. P. Carey &
Co., where Alistair Calvert, Managing Director of ThreadGreen, along
with Michael Heal, Director of ThreadGreen, ran the London office of W.
P. Carey from December 2004 to June 2006. ThreadGreen currently manages
approximately €210 million in single-tenant industrial and office assets
located in Germany, Finland and Switzerland. Gramercy’s management along
with the ThreadGreen principals have overseen investments in excess of
$3 billion of single-tenant properties in Europe over a greater than
10-year period.
Gordon F. DuGan, Chief Executive Officer of Gramercy Property Trust,
stated, “We are very excited about the opportunity to buy single-tenant
assets with long, inflation-indexed leases throughout Europe at high
current yields. We believe this new investment vehicle gives Gramercy
shareholders access to European net leased assets in scale and in
partnership with deep-pocketed and sophisticated partners. Gramercy will
have a fully-integrated team on the ground that we have worked with in
the past and a strategy that I have many years of experience with. We
hope to replicate the success we have had with Gramercy Property Trust
with our effort on Gramercy Europe.”
Morgan Stanley & Co. LLC served as the Company’s financial advisor in
connection with the transaction. Additional information is available on
the Company’s website www.gptreit.com/europe.
About Gramercy Property Trust Inc.
Gramercy Property Trust Inc. is a fully-integrated, self-managed
commercial real estate investment company focused on acquiring and
managing income-producing industrial and office properties net leased to
high quality tenants in major markets throughout the United States. The
Company also operates a commercial real estate asset and property
management business for third parties.
To review the Company’s latest news releases and other corporate
documents, please visit the Company's website at www.gptreit.com
or contact Investor Relations at 212-297-1000.
About EJF Capital LLC
EJF is an SEC-registered, independent, employee-owned investment manager
headquartered outside of Washington DC with total firm assets under
management of more than $6.0 billion, managed across a diverse group of
alternatives strategies.
About Fir Tree Partners
Fir Tree was founded in 1994 and is a New York-based private investment
firm that invests worldwide in public and private companies, real
estate, and sovereign debt. Fir Tree manages assets on behalf of leading
endowments, foundations, pension funds, and sovereign wealth funds.
About Senator Investment Group LP
Senator Investment Group LP is a New York-based registered investment
adviser founded in 2008. The firm pursues credit and equity investments
in both public and private securities. Senator manages more than $8.5
billion in assets on behalf of pension funds, endowments, foundations,
families and other institutional investors.
Forward-looking Information
This press release contains forward-looking information based upon the
Company's current best judgment and expectations. Actual results could
vary from those presented herein. The risks and uncertainties associated
with forward-looking information in this release include, but are not
limited to, factors that are beyond the Company's control, including the
factors listed in the Company's Annual Report on Form 10-K, in the
Company's Quarterly Reports on Form 10-Q and in the Company's Current
Reports on Form 8-K. The Company undertakes no obligation to update or
revise any forward-looking statements, whether as a result of new
information, future events or otherwise. For further information, please
refer to the Company's filings with the SEC.
Contacts:
Gramercy Property Trust Inc.
Emily Pai, 212-297-1000
Investor
Relations
Source: Gramercy Property Trust Inc.
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