WP Carey has acquired an industrial and R&D portfolio totalling approximately 103,000 m2 comprising four industrial facilities in Italy and an R&D facility in Canada for €80 mln.
The portfolio is triple-net leased to Metra and Metra Aluminium, a global industrial manufacturer of extruded aluminium profiles and related value-added services.
Metra is headquartered in Italy, with manufacturing facilities located across Italy, Canada and the United States. The business was acquired by KPS Capital Partners, a New York-based global private equity firm, in 2021.
WP Carey said that the portfolio was 'mission critical" to Metra’s business operations, accounting for a substantial portion of the company’s revenue.
The facilities are highly functional and difficult to replicate, due to long construction and commissioning processes, significant acquisition costs and their strategic locations in Italy and Canada.
Metra has been a tenant of WPCarey since 2022, following the sale-leaseback of its facility in Quebéc. This transaction is also WP Carey’s third sale-leaseback with a KPS portfolio company.
The Italian portion of the portfolio is triple-net leased under a long-term master lease with annual rent increases. The Canadian property will be added to WP Carey’s existing lease with Metra from 2022, which includes fixed annual rent increases.
Christopher Mertlitz, head of European investments at WP Carey, said: 'This cross-border transaction is a prime example of our investment philosophy focused on mission-critical properties leased to creditworthy companies.
'It also demonstrates our ability to form longstanding partnerships with our tenants and deal partners, including private equity firms.
'Particularly in today’s high interest rate environment, access to liquidity remains crucial, and as such we’re thrilled to once again partner with Metra and KPS to enable them to unlock capital to support their ongoing business objectives.'
