Net lease real estate investment trust WP Carey has announced the acquisition of four manufacturing facilities in Germany and the Czech Republic in a sale-leaseback deal.
The NYSE-listed company said the portfolio, totalling 49,900sqm, comprises three assets in Germany on a master lease and one in the Czech Republic, triple-net leased to a metal engineering business for a term of 20 years.
Christopher Mertlitz, the head of WP Carey鈥檚 European investments, said: 鈥淭his transaction perfectly suits WP Carey鈥檚 investment criteria. These assets are well-maintained industrial properties in attractive markets that are mission-critical to the company.
鈥淲e are pleased to leverage our cross-border capabilities to help our tenant monetise its real estate and reinvest the proceeds back into its business.鈥�
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