Fraikin Group

Sale-leaseback Financing

December 2006 and March 2007

Founded more then 60 years ago, Fraikin has grown to become Europe’s largest commercial truck and industrial vehicle leasing company. Active in France, Spain, Poland, Switzerland and Slovakia, Fraikin serves the commercial fleet leasing needs of many of Europe’s most well-known companies.

Situation:  Fraikin was looking for funds to use for general corporate purposes such as the funding of capital expenditures, acquisitions, debt repayment, and distributions to equity investors.

Financing: Through a $68 million sale-leaseback with Fraikin, the W. P. Carey Group acquired a portfolio of 61 logistics properties totaling more than one million square feet and located throughout France.  As a follow-on transaction several months later, W. P. Carey acquired and leased back ten additional properties for approximately $9 million.

Outcome: Fraikin was able to use the funds as necessary.