NEW YORK, July 8, 2019 /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 that on June 27 it completed a $70 million sale-leaseback of a mission-critical food production and distribution site in the Northeastern U.S. The site consists of six buildings totaling more than 400,000 square feet, which are triple-net leased under a master lease for a period of 25 years to an industry-leading supplier of ice cream and beverages.
Key Facts:
Andrés Dallal, Executive Director of Investments, W. P. Carey said: "We are pleased to have completed this accretive transaction with one of the country's largest ice cream and beverage brands, and to add an environmentally-responsible asset to our portfolio. Drawing on our more than 45 years of experience investing in net lease, we were able to close quickly in order to meet the tenant's critical timing requirements. We look forward to growing our relationship with our newest tenant and supporting their future growth objectives."
JC Asensio, First Vice President, CBRE said: "Given their significant experience, W. P. Carey was the ideal partner for this deal. They understood our objectives and were able to apply their real estate expertise to structure and close a transaction within a tight timeframe that maximized value and flexibility for my client."
About W. P. Carey Inc.
W. P. Carey Inc. ranks among the largest net lease REITs with an enterprise value of approximately $19 billion and a diversified portfolio of operationally-critical commercial real estate that includes 1,168 net lease properties covering approximately 134 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.
This press release contains forward-looking statements within the meaning of U.S. Federal securities laws. The comments of Mr. Dallal 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; 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.
Media 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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