WP Carey International drives into French logistics

WP Carey has entered into a sale and leaseback deal with Fraikin Group, Europe’s largest commercial truck and van leasing company, acquiring 61 industrial properties throughout France for $63 million (€47 million).

Fraikin was recently acquired for €1.35 billion by private equity firm CVC Capital Partners.

The properties, which are all in France, total more than 1 million square feet in locations such as Paris, Lille and Marseille, mainly in prime industrial parks outside the cities. The terms of the lease back agreements have not been disclosed.

Edward LaPuma, president of W P Carey International, said in a statement: “This recent transaction with Fraikin has allowed us to expand our coverage in France, a region in which we are committed to growing our presence.”

In the last 18 months, the firm has invested in Poland, Germany and Finland. Recent deals include a $200 million purchase and leaseback of 18 DIY stores and facilities in Poland operated by German retailer OBI, the world’s fourth largest DIY chain; a €24 million purchase and leaseback of an office and light manufacturing facility in Germany operated by engine valve designer Hilite; and a purchase and leaseback of two warehouses in Finland operated by logistics firm John Nurminen Oy.