Major player in the global net-lease REIT industry, W.P. Carey has recently acquired a light-industrial and distribution center in Opole, Poland for $29.5 million (€23.8 million). W.P. Carey specializes in corporate sale-leaseback financing, build-to-suit construction financing and the acquisition of single-tenant net-lease properties.
The newly-constructed 362,000 square foot building is leased to Polaris Industries for an initial term of 15 years, which includes CPI-based rent growth. A publicly traded company, Polaris designs, manufactures, and markets recreational vehicles and is the largest manufacturer of snowmobiles in the world.
Jeffrey Lefleur, Managing Director of W. P. Carey, commented, “This investment for W. P. Carey’s owned real estate portfolio follows recent acquisitions by our managed REITs in Poland — a country where we have been able to source high-quality assets with attractive yields. The facility is critical to Polaris’ European operations and will support a well-established and growing business line on a long-term net lease.”
The facility, which was completed in February 2014, will function as Polaris’s main European assembly and distribution center. Located close to Poland’s national highway, the location was selected for its proximity to German population centers, Eastern European agricultural areas, and Austria.