W. P. Carey International LLC, an affiliate of investment firm W. P. Carey & Co. LLC, has announced the acquisition of a portfolio of 61 French logistics properties through a sale and leaseback transaction with the Fraikin Group, a portfolio company of CVC Capital Partners, for $68 million.
Totaling more than 1 million square feet, the properties are situated throughout France, including locations in Paris, Lille and Marseille. The facilities are generally located in prime industrial parks outside of large cities, with convenient access to major road networks. They represent the majority of Fraikin's French operating assets.
Founded more then 60 years ago, Fraikin has grown to become Europe's largest commercial truck and industrial vehicle leasing company. Active in France, Spain, Poland, Switzerland and Slovakia, Fraikin serves the commercial fleet leasing needs of many of Europe's most well-known companies.
Edward V. LaPuma, President of W. P. Carey International LLC, said, "This recent transaction with Fraikin has allowed us to expand our coverage in France, a region in which we are committed to growing our presence. Fraikin is a market leader in Europe with the potential to serve as a platform for industry consolidation. We are also delighted to be serving the long-term financing needs of a portfolio company of CVC, as they are one of Europe's most experienced and reputable private equity groups."
Source: W.P. Carey