WP Carey has added an €80m portfolio comprising four industrial facilities in Italy and an R&D facility in Canada to its assets via a sale and leaseback deal.
WP Carey said the 103,000sqm portfolio is triple-net leased to Metra SpA and Metra Aluminium in a deal brokered by Newmark.
The Italian portion of the portfolio is triple-net leased under a long-term master lease with annual rent increases. The Canadian property will be added to WP Carey’s existing lease with Metra from 2022, which includes fixed annual rent increases, the NYSE-listed company added.
Christopher Mertlitz, the head of European investments at WP Carey, said: “This cross-border transaction is a prime example of our investment philosophy focused on mission-critical properties leased to creditworthy companies. It also demonstrates our ability to form longstanding partnerships with our tenants and deal partners, including private equity firms.
“Particularly in today’s high interest rate environment, access to liquidity remains crucial, and as such we’re thrilled to once again partner with Metra and KPS to enable them to unlock capital to support their ongoing business objectives.”
Briggs Goldberg, managing director of Newmark’s corporate capital markets group, said: “When speed and certainty of execution are paramount, selecting a capital partner that can navigate the intricacies of a cross-border, multi-currency transaction is critical.
”In a landscape where complexity reigns, Newmark’s expertise shines brightly. By seamlessly harmonising with WP Carey’s tenured reliability, we orchestrated a symphony of success, unlocking the full value of our client’s illiquid assets.”
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