W.P. Carey buys logistics facility in Portugal for $50M

|About: W.P. Carey, Inc. (WPC)|By:, SA News Editor

W.P. Carey (WPC +0.1%) acquires a 534,000-square-foot logistics facility near Lisbon, Portugal for about $50M (€43M) .

The distribution center is subject to an existing triple-net lease with Sonae MC, Portugal's leading food retailer. The facility is Sonae MC's central distribution facility and its only warehouse in the Azambuja region with cold storage for perishable food products.

The asset is subject to an existing triple-net lease with built-in annual rent escalations tied to Euro Area CPI and a remaining term of more than 10 years.

Site provides potential future expansion opportunities.

Previously: W.P. Carey acquires Netherlands DIY retail portfolio for $178M (July 18)

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