US investment firm W.P. Carey has acquired the headquarters and factory of German automotive parts manufacturer Voit in a €23 million ($32 million) transaction.
The properties have been leased back to the seller to help it finance expansion in the automotive sector.
“Voit is exactly the type of German mittelstand company we like to work with,” said Edward V. LaPuma, president of W. P. Carey International. “It represents a new generation of European companies that are beginning to use creative financing structures, such as the sale-leaseback, to focus on and enhance their core competencies.”
Voit’s headquarters and manufacturing facility are located in St. Ingbert near Saarbruken close to the French border. The privately owned company was established in 1947 by the Voit family, and manufactures nearly 200 million parts a year.
W.P. Carey acquired the property through its fifteenth fund, Corporate Property Associates:16-Global, which specializes in purchasing single-tenant commercial and industrial properties and leasing them back to the occupier. Around 63 percent of the portfolio is in the US, while 33 percent is based in Europe. The firm also has investments in Asia, Mexico and Canada.