Build-to-suit of food production plant for existing tenant
W. P. Carey funds construction of new facility and provides capital for building improvements
In 2019, W. P. Carey agreed to invest $75 million in a build-to-suit of a state-of-the-art food production facility in Texas with its existing tenant, Cuisine Solutions, the world’s largest manufacturer and distributor of sous vide food. As part of the overall transaction, W. P. Carey also agreed to an additional $10 million investment in existing improvements to Cuisine's Virginia facility, which W. P. Carey acquired in 2012 for $26 million. Construction of the 290,000-square-foot San Antonio facility was completed in 2020 to help the growing company keep up with demand.
"The long-term investment from W. P. Carey enabled us to fund our long-term operational needs with a new global food processing facility, while also upgrading our existing Virginia facility. Our ongoing relationship and positive experience working with W. P. Carey on the original financing of our Virginia facility made them the obvious capital partner for this transaction."
Stanislas Vilgrain, Chairman of the Board, Cuisine Solutions