WP Carey seals €280m industrial sale-leaseback in Europe

Corporate sale-leaseback specialist WP Carey has announced the purchase of a €280 mln portfolio of 16 industrial facilities in Italy, Spain and Germany.

The transaction closed in two tranches – the first in December 2023 (€144 mln) and the second in January 2024 (€136 mln).

The portfolio, encompassing 414,000 m2, comprises 12 assets in Italy, three in Spain and one in Germany and is triple-net leased to Fedrigoni Group (Fedrigoni), a global manufacturer of high added value specialty papers for luxury packaging. The portfolio is triple-net leased on master leases by country for a term of 20 years with annual CPI-based rent increases.

Several of the facilities in the portfolio generate energy via cogeneration, hydropower or solar, and are fully self-sufficient, selling excess energy back to the grid.

The 12 Italian assets were acquired by a real estate fund managed by Savills Investment Management SGR in which WP Carey is the investor.
 
Christopher Mertlitz, head of European Investments, W. P. Carey, said: 'This transaction speaks to our ability to execute complex, cross-border deals for high-value assets that align with our long-term investment philosophy. In this high-rate environment, access to liquidity is key for companies to deliver on their core business objectives and broader growth strategies, making sale-leasebacks an attractive financing option.'

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