Leading Energy Provider
W. P. Carey acquires portfolio of industrial properties in Italy
Tenant Description: One of Europe’s largest energy companies
Total Investment: €71 million
Transaction Type: Acquisition of existing lease*
Location: Italy
Facility Type: 35 industrial properties
W. P. Carey completed the €71 million investment in 35 industrial properties located across Italy. The facilities are net leased to 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.
The tenant holds leading positions across its core geographies of Italy, Spain and Latin America. It 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.
The assets serve as operational hubs 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 high-quality real estate and demonstrates our ability to offer certainty of execution for complex transactions – a key differentiator in today’s market.