US listed investor WP Carey has acquired three truck and bus depots in Germany and Austria for a total of €38.9 bn.

US listed investor WP Carey has acquired three truck and bus depots in Germany and Austria for a total of €38.9 bn.

All three servicing facilities were bought from the developer, Wohnungsunternehmen Semmelhaack, and are leased to wholly-owned subsidiaries of MAN SE (The MAN Group).

The depots are located on major arterial routes in Germany and Austria and have a remaining lease term of approximately 15 years, including CPI-based rent escalations.

Arvi Luoma, executive drector of WP Carey, said: ‘The combination of a high-quality, creditworthy tenant; the length of the net-leases, which include inflation-based rent escalations; and the criticality of the assets are all consistent with our key investment criteria. It also furthers our diversification strategy.’