WP Carey, via its US-based non-traded REIT CPA:17, has completed a €32 mln sale-and-leaseback deal for a cold-storage warehouse with Greenyard in Poland.
The 310,000 sq ft (30,000 m2) cold-storage facility is located outside Warsaw and is occupied by Greenyard, a major fruit and vegetable supplier, on a 20-year triple net lease. Rental proceeds will be used to pay down debt associated with the facility.
'We continue to deepen our knowledge and expertise in Central and Eastern Europe and to see further opportunity in Poland, one of the fastest growing economies in the region,' said Jeffrey Lefleur, managing director of WP Carey. 'This transaction exemplifies our ability to achieve above-average returns from net lease investments backed by long-term, strategic operating assets. Such properties, when leased to market-leading companies like Greenyard, enable us to grow the long-term income generating strength of the CPA:17 – Global portfolio.'
The warehouse, which is Greenyard's largest cold-storage property in Poland, is located in the town of Zabia Wola, approximately 30 minutes from Warsaw's city centre.
