WP Carey has invested 拢85m (鈧�100m) to buy a 67,500sqm UK cross-docked logistics facility from LondonMetric Property.
The New York-listed net-lease real estate investment trust (REIT) said the facility, located in the East Midlands, is leased to a subsidiary of telecommunications retailer Dixons Carphone for 13.5 years.
Gino Sabatini, head of investments, WP Carey, said: 鈥淎s 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.
鈥淲e鈥檝e had excellent momentum in Europe over the past few months, which we look to further build upon in 2020.鈥�
Karolis Adlis, director of investments, WP Carey, said: 鈥淭he 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.
鈥淎s such, we鈥檙e 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.鈥�
Valentine T Beresford, investment director, LondonMetric Property, said: 鈥淲P Carey was a great partner to work with on this transaction.
鈥淭hey were immediately able to understand our objectives and completed their acquisition process within the envisaged timeframe.鈥�
