NYSE-listed net-lease real estate investment trust WP Carey has in invested €280m worth of assets in Europe via a sale and leaseback with paper company Fedrigoni.

The deal involves 16 industrial facilities totalling 414,000sqm closed in two tranches – the first in December 2023 for €144m and the second in January 2024 for €136m.

The portfolio includes 12 assets in Italy, three in Spain and one in Germany. WP Carey said the 12 Italian assets were acquired by a real estate fund managed by Savills Investment Management in which WP Carey is the investor.

Christopher Mertlitz, head of European investments at WP Carey, said: “This transaction speaks to our ability to execute complex, cross-border deals for high-value assets that align with our long-term investment philosophy.

“In this high-rate environment, access to liquidity is key for companies to deliver on their core business objectives and broader growth strategies, making sale-leasebacks an attractive financing option.”

To read the latest IPE Real Assets magazine click here.

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