Gramercy Property Trust Closes on Sale of U.K. Office Building

Gramercy Property Trust, a real-estate investment trust, said early Thursday it has closed on the sale of a wholly owned single-tenant office building in Coventry, United Kingdom for gross proceeds of GBP9 million ($11 million).

In addition, the company disposed of its 80% interest in a single-tenant logistics building located in Rugby, United Kingdom, for pro rata gross proceeds of GBP12 million.

Prior to the sales, the company completed a new lease with a multinational utility company at the Coventry property and a renewal with a global logistics provider at the Rugby property. The weighted average remaining lease term for the two sold properties was 9.9 years at closing.

The U.K. joint venture with Goodman Holdings Jersey Trust has two remaining warehouses that are currently being repositioned and are expected to be disposed of in the first half of 2017.

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