W. P. Carey and ING Real Estate Finance ('ING REF') have secured 70.5 million in funding on behalf of W. P. Carey's publicly held, non-traded REIT affiliates CPA®:15 and CPA®:17 - Global.
This funding is part of a 155-million sale-and-leaseback transaction of six distribution centers formerly owned by C1000. BAWAG PSK joined the term loan facility arranged by ING REF.
The lessee/seller of the six distribution centers is C1000, the CVC-owned former Schuitema Group. C1000 is the second largest supermarket chain in the Netherlands.
The properties are leased for a long-term basis consistent with W. P. Carey's investment criteria. The mortgage-backed financing of this sale and leaseback transaction is fully tailored to the criteria of the W. P. Carey funds regarding structure, principal, term and amortizations.
Jeff Lefleur, W. P. Carey's Executive Director, comments: "We are pleased to secure a fast and efficient financing package from ING REF related to our large all-equity sale-leaseback investment with C1000. The proceeds from the syndicated loan will be used to continue our acquisition of long-term, inflation-protected, income-generating investments on behalf of our investors."
Rudolf Molkenboer, Global Head of ING Real Estate Finance, adds "This transaction shows our capability to use ING REF's global network assuring a smooth global process with maximum flexibility. ING REF is active as a real estate financier in the market and we are very pleased with this transaction."
ING REF acted as Mandated Lead Arranger and Sole Bookrunner in this transaction.
Source: ING Real Estate Finance