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BRIEF-Gramercy Property Trust to acquire $521 mln core logistics portfolio
December 16, 2016 / 11:59 AM / a year ago

BRIEF-Gramercy Property Trust to acquire $521 mln core logistics portfolio

Dec 16 (Reuters) - Gramercy Property Trust

* Gramercy Property Trust announces acquisition of $521 million core logistics portfolio

* Gramercy Property-2017 cash NOI for stabilized properties expected to be about $30.3 million with 5.2 years of weighted average remaining lease term

* Gramercy Property Trust - assumed about $198 million of secured debt in connection with acquisition with weighted average interest rate of 4.1 pct

* Gramercy Property Trust - two value add assets are currently 82 pct leased and are expected to generate cash NOI of $4.6 million upon stabilization

* The $521 million portfolio consists of 15 stabilized assets with a weighted average remaining lease term of 5.2 years Source text for Eikon: Further company coverage:

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