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W. P. Carey Announces $468 Million Industrial Portfolio Investment in Canada
W. P. Carey (W. P. Carey, NYSE: WPC), a leading net lease REIT specializing in corporate sale-leasebacks, build-to-suits and the acquisition of single-tenant net lease properties, today announced the approximately $468 million sale-leaseback of a critical portfolio of four pharmaceutical R&D and manufacturing campuses with Apotex Pharmaceutical Holdings, Inc. (Apotex), a global pharmaceutical company and the largest generic drug manufacturer in Canada.
The portfolio represents the vast majority of Apotex’s global operations, comprising 11 properties covering 2.3 million square feet spread across four campuses located in attractive industrial submarkets within the Greater Toronto Area. Structured as a triple-net master lease with rent payable in US dollars and fixed rent escalations over a 20-year term, the sale-leaseback transaction closed concurrently with private equity firm SK Capital’s majority buyout of Apotex, financing a portion of the buyout.
“We’re thrilled to close this sale-leaseback and welcome Apotex as a top tenant. In addition to its existing scale, we believe Apotex will continue to benefit from the deep expertise of its private equity sponsor in the pharmaceutical manufacturing sector. This investment is a great example of our ability to partner with private equity firms to leverage sale-leaseback proceeds to optimize the capital stack for new acquisitions. We look forward to growing our partnership with Apotex and SK Capital alike,” said Tyler Swann, Managing Director, W. P. Carey.
The transaction, which closed on April 3, brings W. P. Carey’s total year-to-date investment volume to approximately $650 million, the vast majority of which relates to industrial properties.
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