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Fund Buys Manufacturing Facility from Tenant

BISHOPBRIGGS, SCOTLAND-WP Carey's CPA 16-Global fund acquires a manufacturing facility here from the tenant's new owner, Riverlake Partners LLC, which leases back the facility on a long-term basis.

By Brian K. Miller | Updated on September 05, 2005

BISHOPBRIGGS, SCOTLAND-A fund of New York investment firm WP Carey & Co. has completed a sale-leaseback transaction here with the owner of a manufacturing facility. WP Carey’s CPA 16-Global fund paid Riverlake Partners LLC $12.2 million for the facility in exchange for a 20-year leaseback.

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.

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