Prime Logistics Location Acquired in an Off-Market Transaction
LONDON, Jan. 21, 2020 /PRNewswire/ -- W. P. Carey Inc. (NYSE: WPC), a leading net lease REIT specialising in corporate sale-leasebacks, build-to-suits and the acquisition of single-tenant net lease properties, today announced the acquisition of a 67,500 square metre (726,000 square foot) Class-A, cross-docked logistics facility in the U.K. for £85 million ($112 million) in an off-market transaction. The mission-critical facility is net leased to the U.K. operating subsidiary of Dixons Carphone plc ("Dixons"), a publicly listed multinational electronics and telecommunications retailer and services company.
Key Facts:
Gino Sabatini, Head of Investments, W. P. Carey, said: "As the competition in Europe continues to increase, our 22-year track record, local expertise and on-the-ground presence continue to differentiate us from other investors and enable us to secure attractive investments with industry-leading tenants. We've had excellent momentum in Europe over the past few months, which we look to further build upon in 2020."
Karolis Adlis, Director of Investments, W. P. Carey, said: "The U.K. logistics market remains an attractive asset class for investors as industry tailwinds support occupier demand for logistics assets, with high-quality, well-located assets continuing to command strong investor appetite. As such, we're thrilled to have executed this off-market deal, which adds another Class-A logistics asset to our growing European portfolio and completes our second off-market transaction in the U.K. in just a few weeks."
Valentine T. Beresford, Investment Director, LondonMetric, the seller, said: "W. P. Carey was a great partner to work with on this transaction. They were immediately able to understand our objectives and completed their acquisition process within the envisaged timeframe."
About W. P. Carey Inc.
W. P. Carey Inc. ranks among the largest net lease REITs with an enterprise value of approximately $21 billion and a diversified portfolio of operationally-critical commercial real estate that includes 1,204 net lease properties covering approximately 138 million square feet. For over four decades, the company has invested in high-quality single-tenant industrial, warehouse, office, retail and self-storage properties subject to long-term net 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. Sabatini and Mr. Adlis 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.
W. P. Carey Inc. Contacts:
Europe
Press Contact:
Julia Sammons
Edelman
+44 (0)7896 7923 60
[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]
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