Net-lease focused real estate investment trust (REIT) WP Carey has expanded its portfolio in Mexico through a $61m (€52.8m) sale-leaseback deal with AeriTek.
The NYSE-listed REIT said it acquired 670,000sqft of space, net leased to the manufacturer and distributor of commercial refrigeration and foodservice equipment owned by Mill Point Capital.
The total acquisition price was closed in two tranches involving $46m in August and $15m in October, WP Carey said.
Zachary Pasanen, managing director of investments at WP Carey, said: “We’re proud to have completed this cross-border transaction, which highlights our ability to execute complex sale-leasebacks in Mexico.
“In today’s environment, sale-leasebacks continue to be a powerful tool for unlocking capital and supporting long-term growth. This deal reflects our commitment to delivering tailored real estate solutions that drive strategic value for our partners.”
Sebastian Bustamante, Mill Point Capital, said: “This transaction has allowed us to convert assets into long-term, flexible capital, helping accelerate our strategic initiatives without compromising control or taking on refinancing risk.
“WP Carey’s deep expertise in structuring sale-leasebacks made this a seamless and efficient process.”
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