W. P. Carey Announces Acquisition of H&M Distribution Center in Poland
NEW YORK, July 17, 2013
NEW YORK, July 17, 2013 /PRNewswire/ --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 CPA^®:17 - Global,
one of its publicly held non-traded REIT affiliates, has acquired a logistics
center of H&M Hennes & Mauritz AB ("H&M") in Poznan, Poland from a fund
managed by Invesco Real Estate. The total acquisition cost for the 896,911 sq
ft (83,325 sq m) facility was approximately $85 million (€64 million).
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The center is subject to a long-term, triple-net lease that is fully
guaranteed by H&M. Located in Poznan, the second largest logistics market in
Poland outside of Warsaw, the modern center is critical to the supply chain of
H&M in Europe. It is H&M's European distribution center for Eastern Europe, as
well as its primary e-commerce and online-retail logistics hub for Europe.
H&M is the world's 2^nd largest clothing retailer, with approximately $18.2
billion (€14 billion) in annual revenue. It operates in 48 countries,
employing approximately 94,000 people.
Jeffrey Lefleur, Managing Director of W. P. Carey, said, "The acquisition
marks our fourth European transaction this year overall, bringing total
year-to-date investment in Europe to approximately $217 million (€166
million). We were attracted to the long-term income provided by the lease,
the strong guarantee of H&M and the high quality of the property."
"We are pleased with the sale of the H&M Distribution Center," commented Tomas
Picha, Director of Transactions in CEE from Invesco Real Estate. "Our closing
of this transaction confirms the high level of institutional interest in
Polish assets with long term leases to strong tenants."
Invesco Real Estate was represented by Colliers International in the
transaction, who was retained to market the property for sale. Property agent
Victorios acted on behalf of CPA^®:17 - Global.
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 $15.2 billion. Active in Europe since 1998, European assets
comprise approximately $3.6 billion (€2.7 billion) of its global portfolio.
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.
Its portfolio of long-term leases with creditworthy tenants has an established
history of generating stable cash flows that have enabled the WPC to deliver
consistent and rising dividend income to investors for nearly four decades.
This press release contains forward-looking statements within the meaning of
the Federal securities laws. The statements of Mr. Lefleur are examples of
forward looking statements. A number of factors could cause the CPA^®:17 –
Global'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 CPA^®:17 -
Global, reference is made to CPA^®:17 – Global's filings with the Securities
and Exchange Commission.
COMPANY CONTACT: PRESS CONTACT:
Cheryl Sanclemente Guy Lawrence
W. P. Carey Inc. Ross & Lawrence
SOURCE W. P. Carey Inc.
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