NEW YORK, May 6, 2021 /PRNewswire/ -- W. P. Carey Inc.
(NYSE: WPC), a leading net lease REIT specializing in
corporate sale-leasebacks, build-to-suits and the acquisition of
single-tenant net lease properties, today announced the acquisition
of an approximately 1.1 million-square-foot (100,000-square-meter)
Class-A logistics facility for $195
million (£141 million), including transaction fees. Located
in Solihull, U.K., the facility is
leased for a term of 30 years to Jaguar Land Rover Limited.
Key Facts:
- Leading luxury car manufacturer: Jaguar Land Rover is
the U.K.'s largest premium automotive manufacturer, built around
two iconic British car brands. Land Rover is the world's leading
manufacturer of premium all-wheel-drive vehicles. Jaguar is one of
the world's premier luxury marques, as well as being the first
brand to offer a premium all-electric performance SUV, the Jaguar
I-PACE.
- High-quality, mission-critical facility: The brand-new
structure is a Class-A, cross-docked logistics facility with a
BREEAM "Very Good" environmental rating and up to 50-foot
(15-meter) clear heights, enabling Jaguar Land Rover to improve its
operations and production resilience. The facility is located
adjacent to Jaguar Land Rover's largest U.K. manufacturing plant
and is integral to the supply of auto parts to the plant. Jaguar
Land Rover is also making significant investments into automation
and fit-out of the facility.
- Prime logistics location: Developed by Prologis, the
facility is located at the center of the U.K.'s transport network
in the "Golden Triangle" of logistics, in proximity to the arterial
M42 motorway, Birmingham Airport and Birmingham International
Railway Station, as well as major urban centers, which provide
access to a deep labor pool.
- Commitment to sustainability: In addition to the
facility's BREEAM environmental rating, it operates at the highest
level of energy efficiency with an EPC "A" energy rating. Jaguar
Land Rover has announced plans to produce electric versions of all
vehicle models by 2030, with Jaguar specifically becoming
electric-only by 2025. Jaguar Land Rover has also been certified as
carbon neutral by the Carbon Trust for U.K. manufacturing and
product development. The company will become a net zero carbon
business across its supply chain, products and operations by
2039.
- Long-term lease with built-in rent growth: The facility
is leased for a term of 30 years with inflation-based rent
escalations.
Gino Sabatini, Head of
Investments, W. P. Carey said: "We are thrilled to build
on our year-to-date acquisition momentum and add another
high-quality logistics asset to our portfolio. Since opening our
London office in 1998 and
completing our first investment in the U.K. in 1999, we have
continued to grow our market expertise and reputation as a reliable
partner for companies and developers alike."
Karolis Adlis, Senior Vice
President, Investments, W. P. Carey said: "Driven by the
rapid growth in e-commerce and fulfillment needs, demand for U.K.
logistics assets continues to exceed supply. As such, we are
thrilled to announce our acquisition of this bespoke, Class-A
facility built to high environmental and operational standards on
an attractive basis. The facility is located in the center of the
U.K.'s transport network with 80% of the U.K. population reachable
within a four-hour drive."
Alan Sarjant, Senior Vice
President, Capital Deployment & Leasing, Prologis U.K.
said: "Working with our customers to find the best outcome for
their current and future business ambitions is an important part of
what we do and today's announcement marks the culmination of a
customer-led development project designed to deliver long-term
benefits for Jaguar Land Rover."
W. P. Carey Inc.
W. P. Carey ranks among the largest net lease REITs with an
enterprise value of approximately $19
billion and a diversified portfolio of
operationally-critical commercial real estate that includes 1,261
net lease properties covering approximately 146 million square feet
as of March 31, 2021. For nearly five decades, the company has
invested in high-quality single-tenant industrial, warehouse,
office, retail and self-storage properties subject to long-term net
leases with built-in rent escalators. Its portfolio is located
primarily in the U.S. and Northern and Western Europe and is well-diversified by
tenant, property type, geographic location and tenant
industry.
www.wpcarey.com
This press release contains forward-looking statements within
the meaning of U.S. Federal securities laws. The comments of
Mr. Adlis are examples of forward-looking statements. A number of
factors could cause W. P. Carey's actual results, performance or
achievement to differ materially from those anticipated. Among
those risks, trends and uncertainties are the general economic
climate, including the continuing impact of the COVID-19 pandemic;
the supply of and demand for commercial properties; interest rate
levels; and other risks associated with the acquisition and
ownership of properties, including risks that the tenants will not
pay rent, or that costs may be greater than anticipated. For
further information on factors that could impact W. P. Carey,
reference is made to its filings with the U.S. Securities and
Exchange Commission.
W. P. Carey Inc. Contacts:
Press Contact:
Anna
McGrath
W. P. Carey Inc.
+1 212-492-1166
amcgrath@wpcarey.com
Institutional Investors:
Peter
Sands
+1 212-492-1110
institutionalir@wpcarey.com
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SOURCE W. P. Carey Inc.