Earlier this year a food manufacturing company approached W.P Carey about a potential sale leaseback transaction with a laundry list of requirements: the deal needed to get done in a tight timeframe so it could reallocate capital back into its facility. It also required discretion as it didn't want to blast its position out to the world, says Andrés Dallal, executive director, Investments, W.P. Carey, meaning it didn't want to be perceived as being in the need for cash.
W.P. Carey closed the deal with little fanfare, meeting the customer's requirements.
The REIT specializes in these structures so it is little surprise it was approached by the company—indeed, they had done business together before. Now, as the pandemic grinds on, more and more firms are discovering the advantages of sale leasebacks and seeking out buyers like W.P. Carey.
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
