Sale-leaseback of clean-energy food production site
W. P. Carey partners with leading ice cream and beverages brand and sponsor on 30-day, all-equity transaction
Leading Ice Cream Manufacturer
In 2019, W. P. Carey completed a $70 million sale-leaseback of a mission-critical food production and distribution site in Pennsylvania. The site consists of six buildings totaling more than 400,000 square feet and is powered entirely by renewable, clean energy sources through a combination of wind turbines and hydroelectric energy. The company has also implemented green initiatives to eliminate waste, optimize packaging and minimize its environmental impact, making this a particularly important investment for W. P. Carey given our shared commitment to sustainability.
The all-equity transaction was closed within 30 days to meet the tenant's critical timing constraints and provided the tenant sponsor with immediate funding to pay down debt, recapture a portion of its all-cash platform investment and secure funds to help grow its portfolio company's business.
“Given their significant experience, W. P. Carey was the ideal partner for this deal. They were able to apply their real estate expertise to structure and close a transaction within a tight timeframe that maximized the value and flexibility for my client."