Net lease real estate investment trust W. P. Carey Inc. made six property investments in the fourth quarter of 2019 across the U.S. and Europe valued at roughly €253 million.
The triple-net leased properties, the majority of which are industrial assets, have a total area of more than 251,000 square meters and a weighted average lease term of around 20 years.
Broken down, the New York-based REIT acquired a 111,500-square-meter logistics and distribution facility in the Greater Charlotte area on the border of North and South Carolina for €84 million. The property was leased back to an S&P 500 manufacturing company and serves as the tenant's second-largest distribution center in the U.S.
W.P. Carey also bought a 22,600-square-meter experiential retail store along Interstate 78 in Pennsylvania for €50 million. The asset is net leased to a wholly owned subsidiary of sporting goods company Bass Pro Group LLC and houses restaurants, a museum, conference rooms and an aquarium.
In a sale-leaseback transaction, the company also invested in a six-property portfolio comprising four flex-industrial assets and two office properties for €35 million. The 19,800-square-meter portfolio, spread across Texas, Ohio and Louisiana, is net leased to an engineering design solutions and analysis provider. W.P. Carey is set to invest an additional €2.2 million to expand the facility in Ohio with expected completion in late 2020.
W.P. Carey also made a €35 million sale-leaseback deal on two logistics facilities in Denmark and Sweden spanning 46,100 square meters and are leased to construction product company Stark Group A/S, a €34 million acquisition of a 35,800-square-meter class-A distribution property in the U.K. leased to discount retailer Poundstretcher Ltd. and a €15 million sale-leaseback transaction on a 15,100-square-meter warehouse facility near Chicago net leased to Safco Dental Supply.