The transaction was part of a larger deal wherein WP Carey provided Riverlake Partners LLC, a private equity buyout fund, acquisition financing to complete its $30-million leveraged buyout of the tenant in the building, which was the Decorative Systems Division of Pressac plc, a UK-based public company.
Decorative Systems is one of the world's largest supplies of the Decorative Systems Division of Pressac plc, a UK-based public company. Upon acquisition, Riverlake Partners has changed the name of the operation to Advanced Decorative Systems.
The manufacturing facility was completed in 2000. WP Carey says Riverlake Partners used the proceeds from the sale of the manufacturing facility to CPA 16-Global to complete the leveraged buyout.
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