W. P. Carey Inc. completes sales-leaseback deal with Pratt

W. P. Carey Inc., a net-lease REIT (real estate investment trust) that specializes in corporate sales-leaseback financing, build-to-suit financing and the acquisition of single-tenant net-lease properties, has completed a $21 million sale-leaseback acquisition of a 356,000-square-foot box converting facility belonging to Pratt Industries in Lewisburg, Ohio.

John Simcoe, Pratt Properties division president, says, “This sale-leaseback transaction supports our current growth strategy and is enabling us to unlock capital from a core asset that we can redeploy in our operations. W. P. Carey's ability to provide this capital, combined with their long-term investment philosophy, made them the ideal financial partner for us on this transaction.”

Kathleen Barthmaier, W. P. Carey executive director, says, “This sale-leaseback with Pratt is consistent with W. P. Carey's strategy of investing in long-term, single tenant assets that are critical to a tenant's business. Given the long-term lease, the criticality of the asset and Pratt’s additional capital investment in the equipment housed in the facility, we are pleased to add this asset to our portfolio.”