A 385,000 sq ft distribution warehouse in Yorkshire occupied by a discount retailer has been snapped up for €34m (£29m) by property investment trust WP Carey.
The property is let to Poundstretcher and located within a core logistics corridor, in close proximity to major motorways and arterial. It is triple-net leased for a period of 23 years with annual RPI-based rent escalations.
The acquisition is one of six investments completed by WP Carey in the final quarter of 2019, totalling €253m (£216m). These are located in the US and Europe and cover a range of property types.
Gino Sabatini, head of investments at WP Carey, said: “Today’s announcement is a great example of the benefit of having on-the-ground teams in the US and Europe with the local expertise and networks needed to efficiently close deals in accordance with the unique structuring and critical timing requirements of companies.
“The end of the year is often our most active period given our track record of timely execution and our ability to work with a range of tenants across diverse property types, geographies and industries. We’re thrilled to add these high-quality assets to our growing portfolio, and we look forward to building on this momentum in the new year.”
