WP Carey has expanded its European portfolio with the acquisition of eight industrial facilities in a cross-border sale-and-leaseback deal with forged metal components manufacturer Siderforgerossi.

The NYSE-listed net-lease real estate investment trust said it has acquired the 118,000sqm portfolio of five assets in Northern Italy and three in the Basque Country in Spain, without disclosing financial details.

The portfolio, on a 25-year triple-net lease, adds to WP Carey’s existing European portfolio, which includes over €300m assets acquired in Italy since 2011 and more than €1bn invested in Spain since 2009.

Christopher Mertlitz, the head of WP Carey’s European investments, said: “As we celebrate 25 years of investing in Europe, we’re thrilled to continue helping corporates and sponsors unlock illiquid capital tied up in their real estate through sale-leaseback transactions.

“The assets in this portfolio perfectly meet our criteria – high-quality, well-maintained industrial facilities that are critical to a leading manufacturing company operating in attractive high-growth markets.

“The European manufacturing industry has also demonstrated impressive resilience, and we remain positive about this sector given that it benefits from secular trends.”

To read the latest edition of the latest IPE Real Assets magazine click here.