Berlin Hyp has provided a €125 million loan to Gramercy Property Europe to fund the acquisition of a mixed-use commercial property portfolio located across the Netherlands, Germany and Poland.
The portfolio comprises 12 single-let buildings, of which six are located in the Netherlands, four in Germany and two in Poland. The 280,000 square metre logistics, storage and office portfolio is generally long-leased to tenants including German DIY chain Hornbach and business services provider Cofely.
Gramercy Property Europe is an investment fund which targets single-tenant assets and sale and leaseback transactions across Europe. The fund has initial equity commitments of €350 million and invests predominantly in industrial, office and retail assets in Germany, the Netherlands, the Nordics, the UK and other selected European countries.
“We are pleased to have supported our client Gramercy Property Europe with this acquisition in Germany and two of our foreign target markets,” said Gero Bergmann, member of the board of management of Berlin Hyp.
In March, Berlin Hyp said in its annual results that profits are likely to be lower this year than last. The bank posted a rise in 2015 profits before tax from €65.8 million to €93 million.