W. P. Carey Inc, a net lease REIT specialising in corporate sale-leasebacks, build-to-suits and the acquisition of single-tenant net lease properties, has been revealed as the buyer of a 726,000 square foot Class-A, cross-docked logistics facility in the the East Midlands.
The sale of the Newark mega warehouse was announced at the end of 2019 by LondonMetric Property, who at the time said it has been acquired by an international investor for £80.8 million.
W. P. Carey Inc. has revealed that it bought the facility for £85 million, in an off-market transaction.
The facility is net leased to Dixons Carphone, a multinational electronics and telecommunications retailer and services company.
The facility is a Class-A, cross-docked logistics facility with up to 50-foot (15-meter) clear heights, solar panels and the capacity for automation and expansion.
Gino Sabatini, Head of Investments, W. P. Carey, said: “As 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. We’ve had excellent momentum in Europe over the past few months, which we look to further build upon in 2020.”
Karolis Adlis, Director of Investments, W. P. Carey, said: “The 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. As such, we’re 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.”
Valentine T. Beresford, Investment Director, LondonMetric, the seller, said: “W. P. Carey was a great partner to work with on this transaction. They were immediately able to understand our objectives and completed their acquisition process within the envisaged timeframe.”