W. P. Carey has acquired a portfolio of 14 logistics assets and one corporate headquarters totaling 1.99 million square feet for approximately $188 million.
The portfolio is triple-net leased to Danske Fragtmænd A/S, a Danish freight carrier. The acquisition was advised by EDC Erhverv Poul Erik Bech in an off-market transaction that allowed the seller to efficiently identify a qualified buyer and negotiate the transaction without marketing publicly.
The deal marks W. P. Carey’s first investment in Denmark and complements the firm’s existing Nordic portfolio. W. P. Carey has been investing in the Nordics since 2001 and has acquired approximately $1 billion of assets in the region, including assets in Finland, Sweden and Norway.
The portfolio represents approximately 90 percent of Danske Fragtmænd’s logistics footprint and consists of five regional distribution hubs, nine last-mile distribution facilities and its corporate headquarters. The assets cover Denmark’s main urban centers outside of Copenhagen, including key regional sites in Aarhus, Odense and Taulov. In aggregate, approximately 80 percent of the portfolio’s annual base rent is located in the top seven metropolitan areas of Denmark.
