£29m Yorkshire acquisition for real estate investment business

Real Estate Investment Trust company WP Carey has announced six investments around the world worth a total of $282m (£216m) – including a major acquisition in Yorkshire.

Its Yorkshire deal is worth $38m (£29m) and comprises the acquisition of a modern, 385,000 sq ft Class-A distribution facility net leased to the discount retailer Poundstretcher.

The facility is close to major motorways and arterial routes and is triple-net leased for a period of 23 years with annual RPI-based rent escalations.

Gino Sabatini, head of investments at WP Carey, said: “Today’s announcement is a great example of the benefit of having on-the-ground teams in the US and Europe with the local expertise and networks needed to efficiently close deals in accordance with the unique structuring and critical timing requirements of companies.

“The end of the year is often our most active period given our track record of timely execution and our ability to work with a range of tenants across diverse property types, geographies and industries.

“We’re thrilled to add these high-quality assets to our growing portfolio, and we look forward to building on this momentum in the New Year.”

WP Carey’s other acquisitions confirmed today include substantial properties located in the US and Europe.