Net lease real estate investment trust WP Carey has added a 1.1m sqft portfolio of five assets in Mexico to its industrial portfolio in a $100m (€95.2m) sale-leaseback deal.
WP Carey said four of the properties forming part of the manufacturing and industrial campus in Monterrey were acquired in October and the final one in December.
Zachary Pasanen, managing director at WP Carey, said: “We’re thrilled to acquire this industrial campus and grow our footprint in Mexico, which benefits from strong market fundamentals supported by near-shoring trends. Sale-leasebacks remain an extremely useful tool for manufacturing companies with large real estate footprints critical to their operations.
“This investment also demonstrates how WP Carey remains well positioned to execute on large, multi-property deals, given our ability to transact all-equity and our unparalleled experience. We look forward to working with our newest tenant in the future.”
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