US sale-and-leaseback specialist WP Carey has announced the €26 mln sale-leaseback of a package of four manufacturing facilities in Germany and Czech Republic.
Totalling 49,900 m2, the portfolio comprises three assets in Germany on a master lease and one in the Czech Republic, triple-net leased to a metal engineering business for a term of 20 years with CPI-based rent increases.
As part of the transaction, WP Carey also acquired excess land surrounding the facilities for potential expansion.
Christopher Mertlitz, head of European Investments, WP Carey, said: ‘This transaction perfectly suits WP Carey’s investment criteria. These assets are well-maintained industrial properties in attractive markets that are mission-critical to the company. We are pleased to leverage our cross-border capabilities to help our tenant monetise its real estate and reinvest the proceeds back into its business. We look forward to working with our tenant in the coming years to support its evolving needs.’
