LONDON, Oct. 1, 2018 /PRNewswire/ -- W. P. Carey Inc. (NYSE: WPC), one of the largest diversified net lease REITs specializing in corporate sale-leasebacks, build-to-suit transactions and the acquisition of single-tenant net lease properties, today announced the off-market acquisition of a central logistics facility near Lisbon, Portugal, totaling 534,000 square feet (50,000 square meters) for approximately $50 million (€43 million). The distribution center is subject to an existing triple-net lease with Sonae MC, Portugal's leading food retailer.
Key Facts:
Arvi A. I. Luoma, Head of European Investments, W. P. Carey, said: "Logistics remains a sought-after asset class across Europe, which has demonstrated attractive liquidity and growth trends. Our acquisition of a mission-critical facility in a prime logistics location in Portugal was a rare and attractive opportunity in a market with relative undersupply. The investment further diversifies our portfolio with a strong market-leading tenant in a highly defensive industry largely insulated from e-commerce disruption.
"W. P. Carey's more than 20 years of experience investing in Europe, together with efficient underwriting and execution by our in-house acquisitions team, enabled us to complete this off-market transaction quickly, securing stability for the tenant and providing additional long-term value to our investors."
W. P. Carey Inc.
Celebrating its 45th anniversary, W. P. Carey (NYSE:WPC) ranks among the largest diversified net lease REITs with an enterprise value of over $11 billion and a portfolio of operationally-critical commercial real estate totaling 878 properties covering approximately 87 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 North America 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. Mr. Luoma's comments and discussions regarding the facility's expansion potential are examples of forward looking statements. A number of factors could cause W. P. Carey's actual results, performance or achievements 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
Ned.Ellison@edelman.com
U.S.
Press Contacts:
Guy Lawrence
Ross & Lawrence
+1 212-308-3333
gblawrence@rosslawpr.com
Anna McGrath
W. P. Carey Inc.
+1 212-492-1166
amcgrath@wpcarey.com
Institutional Investors:
Peter Sands
+1 212-492-1110
institutionalir@wpcarey.com
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SOURCE W. P. Carey Inc.
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