W. P. Carey Acquires $43M Industrial Portfolio
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W. P. Carey has bought three modern truck and bus servicing facilities for about $43 million.
NEW YORK CITY—W. P. Carey has acquired a portfolio of three modern truck and bus servicing facilities for approximately $43 million (€39 million).
The facilities—two in Germany and one in Austria—were purchased from the developer, Wohnungsunternehmen Semmelhaack, and are net leased to wholly-owned subsidiaries of MAN SE (The MAN Group).
“We are delighted to announce our latest transaction in continental Europe, further demonstrating W. P. Carey’s strength in the region and our ability to source, structure and efficiently execute on a range of asset types,” says Arvi Luoma, executive director at W.P. Carey. “The Austrian component of the transaction is of particular note as it follows our first acquisition in the Austrian property market earlier this year. Furthermore, the combination of a high-quality, creditworthy tenant, the length of the net-leases—which include inflation-based rent escalations—and the criticality of the assets are all consistent with our key investment criteria. It also furthers our diversification strategy.”…
W. P. Carey Acquires $43M Industrial Portfolio
