W.P. Carey, a global sale-and-leaseback specialist, has said it is providing alternative long-term financing for the expansion of a logistics platform in Poland. The warehouse will be built by logistics developer Panattoni.
W.P. Carey, a global sale-and-leaseback specialist, has said it is providing alternative long-term financing for the expansion of a logistics platform in Poland. The warehouse will be built by logistics developer Panattoni.
The volume of the financing was not disclosed but W.P. Carey said it amounts to 100% of the funds needed for the construction of a 11,000 m2 light-industrial warehouse in the western Polish city of Zary.
Located close to the German border and the major centres of Berlin and Dresden, the Zary facility will be leased on a long-term, triple-net basis to the Polish subsidiary of Syncreon.
Headquartered in Auburn Hills, Michigan, Syncreon is a global contract logistics and supply chain management company.
Jeffrey Lefleur, managing director of W. P. Carey, said: 'Economic uncertainty continues to constrain European credit markets; however, W. P. Carey as a long-term investor has demonstrated that it can provide the financing companies need to construct and develop new facilities in both up and down market cycles.'
Robert Dobrzycki, managing partner of Panattoni Europe, commented: 'This is our third transaction with W. P. Carey in Poland, and it confirms our belief that they bring tremendous value-add on projects where traditional construction financing is difficult to obtain. As we continue to develop facilities on behalf of clients in Europe and other parts of the world, our ability to streamline the financing process by partnering with long term investors like W. P. Carey will remain a significant factor for us when competing on future tenders.'
