W. P. Carey Acquires Tommy Hilfiger European Distribution Center
LONDON -- (Marketwired) -- 05/01/13 -- W. P. Carey Inc. (NYSE: WPC),
a real estate investment trust ("REIT") specializing in corporate
sale leaseback financing, build-to-suit construction financing, and
the acquisition of single-tenant net-lease properties, announced
today that it has acquired the main European distribution center of
the Tommy Hilfiger Group from its current landlord, Aspen Real Estate
The total acquisition cost for the facility was approximately EUR 30
million ($38.8 million). The facility is subject to an existing net
lease with Tommy Hilfiger Europe B.V. Headquartered in Amsterdam,
Tommy Hilfiger Europe B.V. represents the European business of the
Tommy Hilfiger Group. In Europe, Tommy Hilfiger sells to more than
9,000 wholesalers and owns / operates 118 retail stores and 43 outlet
stores. Since 2010, the Tommy Hilfiger Group has been owned by PVH
Corp (NYSE: PVH), one of the world's largest apparel companies.
The facility is Tommy Hilfiger's main logistics centre for all of
Europe. It has received significant investment by Tommy Hilfiger for
internal fit-out and has both unbuilt land and adjacent land
available for expansion. The facility is located in Venlo, a core
logistics hub in the Netherlands. Venlo is an established
distribution location, with close proximity to the German border and
the two largest ports in Europe.
Jeffrey Lefleur, Managing Director of W. P. Carey, said: "This was an
excellent opportunity to acquire an operationally critical
single-tenant property in a prime logistics location. As a dedicated
landlord and financing partner, we welcome this opportunity to
support the future growth of Tommy Hilfiger in Europe."
W. P. Carey Inc.
Celebrating its 40th anniversary, W. P. Carey Inc.
is a publicly traded REIT (NYSE: WPC) that provides long-term
sale-leaseback and build-to-suit financing for companies worldwide
and owns and manages an investment portfolio totaling approximately
$14.1 billion. The largest owner/manager of net lease assets, WPC's
corporate finance-focused credit and real estate underwriting process
is a constant that has been successfully leveraged across a wide
variety of industries and property types. Our portfo
lio of long-term
leases with creditworthy tenants has an established history of
generating stable cash flows that have enabled the Company to deliver
consistent and rising dividend income to investors for nearly four
This press release contains forward-looking statements within the
meaning of the Federal securities laws. A number of factors could
cause the Company's actual results, performance or achievement to
differ materially from those anticipated. Among those risks, trends
and uncertainties are the general economic climate; the supply of and
demand for office and industrial properties; interest rate levels;
the availability of financing; and other risks associated with the
acquisition and ownership of properties, including risks that the
tenants will not pay rent, or that costs may be greater than
anticipated. For further information on factors that could impact the
Company, reference is made to the Company's filings with the
Securities and Exchange Commission.
Ross & Lawrence
+ 1 212-308-3333
+ 1 212-492-8995
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