Enel
W. P. Carey acquires portfolio of electricity grid service and maintenance hubs in Italy
Tenant Description: Italy’s largest electricity provider and one of Europe’s largest energy companies
Total Investment: €71 million
Transaction Type: Acquisition of existing lease*
Location: Italy
Facility Type: 35 electricity grid service and maintenance hubs
W. P. Carey completed the €71 million industrial investment in 35 electricity grid service and maintenance hubs located across Italy. The facilities are net leased to Enel S.p.A., Italy’s largest electricity provider and one of Europe’s largest utility companies. The assets were acquired by a real estate fund managed by Savills Investment Management SGR S.p.A. in which W. P. Carey is the investor.
Enel holds leading positions across its core geographies of Italy, Spain and Latin America. Enel is also one of the world’s largest renewable operators, with over 66 GW of installed hydro, wind, solar and geothermal capacity across 30 countries. In 2024, renewables accounted for 70% of its total energy generation. Enel has committed to phasing out its remaining coal-fired plants by 2027 and achieving net-zero carbon emissions by 2040, underscoring its leadership in the global energy transition.
The assets are of strategic importance for Enel as they serve as operational hubs crucial for the planning and implementation of activities related to the monitoring and maintenance of Italy’s electricity grid. The properties are net leased for 12.4 years with CPI-linked rent increases.
*In an acquisition of an existing lease, W. P. Carey will acquire a single-tenant property subject to an existing net lease. This type of transaction enables the previous property owner to achieve a number of different objectives depending on their needs. For example, exit a property that no longer fits its strategy, liquidate a finite-life fund or generate proceeds to invest in new properties or for M&A activity.
This investment illustrates our long-term conviction in mission-critical real estate and demonstrates our ability to offer certainty of execution for complex transactions – a key differentiator in today’s market. We’re thrilled to partner with a market-leading operator like Enel while supporting the backbone of Italy’s energy grid.