WP Carey makes €113m of net-lease investments in North America, Europe

WP Carey has made €113m worth of triple-net-lease investments involving several industrial properties across North America and Europe.

The New York-listed real estate investment trust (REIT), which specialises in net-leased property, said it acquired three industrial facilities in the US and Mexico through a €48m sale and leaseback.

WP Carey said the properties – two in the US and one in Mexico – are occupied by one of the world’s largest producers of high-performance hand and power tools.

The triple-net leases last for 25 years with fixed annual rental increases.

The REIT has also acquired a 19,000sqm light industrial facility in the Netherlands through a €15m sale and leaseback.

The recently renovated facility in the greater Rotterdam area is net-leased to a provider of self-service coffee and vending machines for 20 years linked to the Dutch consumer price index.

WP Carey is also building an industrial 15,600sqm research-and-development facility in Germany for €50m.

Upon completion in early 2021, the building near Frankfurt will be net-leased to a global supplier of automotive components and systems for 20 years with inflation-linked increases.

Gino Sabatini, head of investments at WP Carey, said: “Today’s announcement is a great example of how our geographic diversity and recognised expertise in North America and Europe provide us with a range of opportunities to acquire high-quality, operationally-critical real estate leased to creditworthy tenants.

“We’re confident that our diversified investment approach and established reputation will continue to enable us to source attractive opportunities that meet our investment criteria.”

Arvi Luoma, head of European investments at WP Carey, said: “Given our more than 20 years of experience investing in Europe, we are uniquely positioned to combine our local market expertise with our international insights to structure win-win transactions that meet the needs of all parties.”