WP Carey has invested £85m (€100m) to buy a 67,500sqm UK cross-docked logistics facility from LondonMetric Property.

The New York-listed net-lease real estate investment trust (REIT) said the facility, located in the East Midlands, is leased to a subsidiary of telecommunications retailer Dixons Carphone for 13.5 years.

Gino Sabatini, head of investments, WP Carey, said: “As the competition in Europe continues to increase, our 22-year track record, local expertise and on-the-ground presence continue to differentiate us from other investors and enable us to secure attractive investments with industry-leading tenants.

“We’ve had excellent momentum in Europe over the past few months, which we look to further build upon in 2020.”

Karolis Adlis, director of investments, WP Carey, said: “The U.K. logistics market remains an attractive asset class for investors as industry tailwinds support occupier demand for logistics assets, with high-quality, well-located assets continuing to command strong investor appetite.

“As such, we’re thrilled to have executed this off-market deal, which adds another Class-A logistics asset to our growing European portfolio and completes our second off-market transaction in the U.K. in just a few weeks.”

Valentine T Beresford, investment director, LondonMetric Property, said: “WP Carey was a great partner to work with on this transaction.

“They were immediately able to understand our objectives and completed their acquisition process within the envisaged timeframe.”