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W. P. Carey buys UK logistics facility for £85M

New York-based real estate investment trust W. P. Carey Inc. bought in an off-market transaction a class A logistics facility in the U.K.'s East Midlands for £85 million.

The cross-docked logistics property spans 67,500 square meters and is equipped with clear heights of up to 15 meters, solar panels and capacity for automation and expansion.

The asset is triple-net leased to Dixons Carphone PLC's U.K. operating subsidiary for 13.5 years with fixed rent increases, according to a statement. The property forms part of Dixons' largest distribution platform in the U.K.