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Press Release

W. P. Carey Announces $70 Million Investment in Clean-Energy Food-Production Site

Long-Term Triple-Net Master Lease with Industry-Leading Tenant

Company Release - 7/8/2019 7:30 AM ET

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:

  • Industry-leading supplier: The tenant is a leader in ice cream and beverage products, with strong brand value and recognition.
  • Mission-critical properties: The multi-property site has served as the company's headquarters and primary production facility since its founding. The company has consistently invested in the properties to improve operations and accommodate future growth, including a recent expansion to its refrigerated warehouse.
  • Environmentally responsible tenant: The site is powered entirely by renewable, clean energy sources through a combination of wind turbines and hydroelectric energy. The company has also implemented green initiatives to eliminate waste, optimize packaging and minimize its environmental impact.
  • Long-term net lease with built-in rent growth: The assets are master leased on a triple-net basis for 25 years, with fixed annual rent escalations.

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 

Anna McGrath 
W. P. Carey Inc. 
+1 212-492-1166 

Institutional Investors:

Peter Sands 
+1 212-492-1110 

W. P. Carey Inc. Logo. (PRNewsFoto/W. P. Carey Inc.)


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SOURCE W. P. Carey Inc.


Investor Contacts

Institutional Investors

Peter Sands
Executive Director
Head of Investor Relations
W. P. Carey Inc.
1 (212) 492-1110

Capital Markets

Jeremiah Gregory
Managing Director
Head of Capital Markets
W. P. Carey Inc.
1 (212) 492-1135

Individual Investors

Investor Relations Department
1 (800) WP CAREY (972-2739)

Transfer Agent

W. P. Carey Inc.
Shareowner Services
PO Box 505000
Louisville, KY 40233-5000
1 (888) 200-8690

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