W.P. Carey, a diversified net-lease REIT, has announced $468 million of industrial portfolio investments in Canada.
The investments included the sale-leaseback of a critical portfolio of four pharmaceutical R&D and manufacturing campuses with Apotex Pharmaceutical, a global pharmaceutical company and the largest generic drug manufacturer in Canada.
The portfolio involves a large portion of Apotex's global operations, comprising 11 properties encompassing 2.3 million square feet of space. The portfolio is spread across four campuses, in attractive industrial submarkets in the Toronto area.
W.P. Carey said it will help the company secure steady rental revenues over the long term, with the sale-leaseback transaction structured as a triple-net master lease with fixed-rent escalations during a 20-year term.
W.P. Carey is focused on investing in high-quality, single-tenant industrial, warehouse and retail properties located in the United States, Northern Eu
