Morato

Sale-leaseback enables European bakery manufacturer to optimize production capacity and enhance operational efficiency

Tenant Description: Founded in 1970, Morato is a leading pan-European bakery business selling its own brands and private label products.
Total Investment: $70 million (€63 million)
Transaction Type: Sale-leaseback*
Location: Italy and Spain
Square Footage: 1.3M square feet
Facility Type: 9 food production facilities (7 in Italy and 2 in Spain)

In May 2025, W. P. Carey completed the $70 million sale-leaseback of nine food production facilities totaling 1.3M square feet. The portfolio comprises seven assets in Italy and two in Spain sold by and leased back to Morato, a leading European bakery manufacturer.

The portfolio is critical to Morato and comprises the group’s mission-critical production capacity in Italy and Spain. Completion of the transaction allows Morato to line-up a strategic and alternative source of capital to support its industrial, ESG and growth strategy.

The deal was executed by Savills Investment Management Italy, acting as investment and asset manager.

*In a sale-leaseback, a company sells its real estate to an investor like W. P. Carey for cash and simultaneously enters into a long-term lease. In doing so, the company extracts 100% of the property’s value and converts an otherwise illiquid asset into working capital to reinvest in its business or pay down debt, while maintaining operational control.