W. P. Carey Inc. (NYSE: WPC), a leading net lease REIT specialising in corporate sale-leasebacks, build-to-suits and the acquisition of single-tenant net lease properties, is pleased to announce the €42 million sale-leaseback of two mission-critical industrial facilities totaling 48,700 square metres located in Ohio, U.S. and Northern Italy. The two facilities were acquired in June and August, respectively, and are triple-net leased to a leading global engineered vehicle and equipment systems business for a term of 20 years.
Key Facts: • Market-leading tenant with deep customer relationships: The tenant is an established market leader in engineered vehicle and equipment systems and retains a large roster of blue-chip clients both in the U.S. and Europe across a range of sectors, including agriculture, mining and construction. The tenant also benefits from private equity sponsorship by a leading New York-based firm. • Mission-critical portfolio with significant tenant investment: The facilities contain more than €50 million worth of specialised affixed machinery, with each facility exclusively manufacturing certain of the tenant’s products. • Long-term net leases with built-in rent growth: The assets are triple-net leased for a 20-year term with fixed annual rent increases. • Italian asset complements existing European portfolio: W. P. Carey has invested in Italy since 2011 and has acquired over €300 million of assets in the country.
Christopher Mertlitz, Head of European Investments, W. P. Carey, said: “This acquisition is indicative of our ability to close complex, cross-border deals for high-value assets leased to creditworthy tenants. These facilities are well-maintained and located in attractive markets, while also playing a vital role in the tenant’s operations. We are thrilled to continue our strong acquisition momentum while helping companies monetise their real estate assets to support future growth.”
Source : Company