W. P. Carey Inc. (NYSE: WPC), a real estate investment trust specialising in corporate sale-leaseback and build-to-suit financing, and the acquisition of single-tenant net lease properties, announced today that it has acquired a portfolio of three modern truck and bus servicing facilities for approx. €38.9 mln. The facilities — two in Germany and one in Austria — were purchased from the developer, Wohnungsunternehmen Semmelhaack, and are net leased to wholly-owned subsidiaries of MAN SE (The MAN Group).
Key Facts
- Well established, industry-leading tenant: The MAN Group is one of Europe’s leading producers of commercial vehicles, engines and mechanical engineering equipment. It is a publicly traded company with a market capitalisation of approx. €13 bln and is 75% owned by German automotive group Volkswagen AG.
- Critical, well located facilities: The three facilities, originally built to tenant specifications, are among the largest service stations operated by the MAN Group and serve as an important sales driver for its 24/7 fleet repair and maintenance servicing operations. Located on arterial routes, the facilities benefit from the high commercial traffic flow that connects several major German and Austrian cities and links Europe’s eastern and western markets.
- Long term net leases with built in rent growth: All three facilities are net leased, with a remaining term of approximately 15 years and CPI-based rent escalations.
Source: W.P.Carey
