W. P. Carey Inc. Announces €43 Million ($50 Million) Acquisition of Mission-Critical Logistics Facility
Off-market transaction in Portugal's Prime Logistics Hub
W. P. Carey Inc, one of the largest diversified net lease REITs specialising in corporate sale-leasebacks, build-to-suit transactions and the acquisition of single-tenant net lease properties, today announced the off-market acquisition of a central logistics facility near Lisbon, Portugal, totalling 50,000 square meters (534,000 square feet) for approximately €43 million ($50 million). The distribution centre is subject to an existing triple-net lease with Sonae MC, Portugal's leading food retailer.
Arvi A. I. Luoma, Head of European Investments, W. P. Carey, said: "Logistics remains a sought-after asset class across Europe, which has demonstrated attractive liquidity and growth trends. Our acquisition of a mission-critical facility in a prime logistics location in Portugal was a rare and attractive opportunity in a market with relative undersupply. The investment further diversifies our portfolio with a strong market-leading tenant in a highly defensive industry largely insulated from e-commerce disruption.
"W. P. Carey's more than 20 years of experience investing in Europe, together with efficient underwriting and execution by our in-house acquisitions team, enabled us to complete this off-market transaction quickly, securing stability for the tenant and providing additional long-term value to our investors."
W. P. Carey Inc.
Celebrating its 45th anniversary, W. P. Carey (NYSE:WPC) ranks among the largest diversified net lease REITs with an enterprise value of over $11 billion and a portfolio of operationally-critical commercial real estate totaling 878 properties covering approximately 87 million square feet. For over four decades, the company has invested in high-quality single-tenant industrial, warehouse, office and retail properties subject to long-term leases with built-in rent escalators. Its portfolio is located primarily in North America and Northern and Western Europe and is well-diversified by tenant, property type, geographic location and tenant industry. www.wpcarey.com
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