LONDON, Nov. 5, 2018 /PRNewswire/ -- W. P. Carey Inc. (NYSE: WPC), a leading net lease REIT specializing in corporate sale-leasebacks, build-to-suits and the acquisition of single-tenant net lease properties, today announced the acquisition of a portfolio of four automotive retail and service sites, totaling approximately 201,000 square feet (18,700 square meters) in the Netherlands for approximately $33 million (?29 million). The portfolio is triple-net leased to Van Mossel Automotive Group ("Van Mossel"), one of the largest Dutch automotive retail and leasing services providers, for a term of 17 years, and was completed in an off-market transaction.
Key Facts:
Christopher Mertlitz, Director, W. P. Carey, said: "Our 16-year history of investing in the Netherlands and knowledge of the auto dealership industry positioned us well to secure the Van Mossel portfolio in an off-market transaction. We believe the acquisition complements the strength of our existing automotive portfolio and will generate strong risk-adjusted returns from a leading automotive company with steady cash flows from multiple revenue sources, including new and used car sales, leasing services, aftersales and repairs.
"Consistent with our established investment criteria, the transaction demonstrates W. P. Carey's continued appetite to build on our portfolio in the region. We look forward to future opportunities to work with Van Mossel."
Eric Berkhof, Chief Executive Officer, Van Mossel, said: "We are pleased to have W. P. Carey as our new landlord and long-term partner as Van Mossel seeks to strengthen its position as a market leader."
W. P. Carey Inc.
Celebrating its 45th anniversary, W. P. Carey ranks among the largest diversified net lease REITs with an enterprise value of approximately $17 billion and a portfolio of operationally-critical commercial real estate that includes 1,186 net lease properties covering approximately 133 million square feet. For over four decades the company has invested in high-quality single-tenant industrial, warehouse, office and retail properties subject to long-term leases with built-in rent escalators. Its portfolio is located primarily in the U.S. and Northern and Western Europe and is well-diversified by tenant, property type, geographic location and tenant industry.
www.wpcarey.com
This press release contains forward-looking statements within the meaning of U.S. Federal securities laws. The comments of Mr. Mertlitz are examples of forward looking statements. A number of factors could cause W. P. Carey's actual results, performance or achievement to differ materially from those anticipated. Among those risks, trends and uncertainties are the general economic climate; the supply of and demand for commercial properties; interest rate levels; the availability of financing; and other risks associated with the acquisition and ownership of properties, including risks that the tenants will not pay rent, or that costs may be greater than anticipated. For further information on factors that could impact W. P. Carey, reference is made to its filings with the U.S. Securities and Exchange Commission.
W. P. Carey Inc. Contacts:
Europe
Ned Ellison
Edelman
+44 (0)20 3047 2442
[email protected]
U.S.
Press Contacts:
Guy Lawrence
Ross & Lawrence
+1 212-308-3333
[email protected]
Anna McGrath
W. P. Carey Inc.
+1 212-492-1166
[email protected]
Institutional Investors:
Peter Sands
+1 212-492-1110
[email protected]
SOURCE W. P. Carey Inc.
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