NYSE-listed WP Carey has made a €93m investment to buy a food production and warehouse facility in Belgium.
The real estate investment trust said the 174,000sqm facility is triple-net leased to fruit and vegetable distributor Greenyard Prepared Investments.
Greenyard has been a tenant of WP Carey since 2016 following a sale-leaseback of a cold-storage facility in Poland.
WP Carey said the facility in Belgium, which is located adjacent to 23.5 acres of land owned by Greenyard, provides an opportunity for future expansions.
Christopher Mertlitz, the head of European investments at WP Carey, said: “We’re delighted to build on our long-standing relationship with Greenyard and add another high-quality food production facility to our portfolio.
”Given the facility’s strategic importance to Greenyard’s business, attractive location and long lease term among other factors, this transaction perfectly speaks to our core investment criteria, while allowing Greenyard to unlock the value of its real estate. We look forward to working with Greenyard in the future.”
Geert Peeters, CFO at Greenyard, said “The transaction allows for a diversification of funding. Aside from cementing Greenyard’s financial stability for the future, it will also generate more room for growth in line with the strategic plans of the company.”
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