Expansion funding in Portugal

W. P. Carey provides growing tenant with expansion funding on its LEED-Gold certified building

Sonae MC

Shortly after acquiring the mission-critical distribution facility and sole warehouse of tenant Sonae MC, food retailer in Portugal, for approximately $50 million in 2018 W. P. Carey agreed to fund an additional $28 million to expand the facility by 300,000 square feet and add a 4,000 megawatt solar roof installation. Construction was completed in 2020, bringing the total square footage to 843,000 square feet and enabling Sonae to execute on its strategic growth plans and meet rising consumer demand.