Gramercy Property Trust Inc. , the New York-based real estate investment trust (“REIT”) announced the disposition of 74.9% interest in the Goodman Europe Development Trust joint venture to Gramercy Property Europe plc. Notably, Gramercy Property Europe plc. is a real estate investment fund that specializes in single-tenant net lease and sale-leaseback transactions across Europe and is managed by a subsidiary of Gramercy Property Trust.
 
The disposition, which included nine logistics warehouses in Germany and France, fetched the REIT net cash proceeds of $149.5 million. Following this disposition, Gramercy Property Trust’s total net capital and net operating income exposure in the U.K. stand at $47 million and $2 million, respectively. In Europe, the company’s total net capital and net operating income exposure stand at $66 million and $9 million respectively. In fact, post Brexit, Gramercy Property Trust disclosed its direct exposure to British pound (read more: Gramercy Reveals British Pound Exposure amid Brexit).

Gramercy Property Trust targets acquiring and managing single-tenant, net-leased industrial and office properties in key markets in the U.S. and Europe. Year to date, the company has sold around $991.5 million assets in the U.S. and Europe. Also, presently, the company’s dispositions under contract are $289.1 million and assets in the market for sale are around $350.5 million.

Some other stocks in the REIT space include Apple Hospitality REIT, Inc. (APLE Quick QuoteAPLE - Free Report) , Sotherly Hotels Inc. (SOHO Quick QuoteSOHO - Free Report) and W. P. Carey Inc. (WPC Quick QuoteWPC - Free Report) .

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