Net Lease REIT W.P. Carey executed the largest transaction in the company's 50-year history this week with a $468M sale-leaseback of a portfolio of four pharmaceutical R&D and manufacturing campuses in the Greater Toronto Area (GTA).
The portfolio represents the lion's share of the global operations of Apotex Pharmaceutical Holdings, the largest generic drug manufacturer in Canada.
The four campuses acquired by W.P. Carey include 11 buildings encompassing 2.3M SF located in attractive industrial submarkets within the GTA. The deal was structured as a triple-net master lease with rent payable in US dollars and fixed rent escalations over a 20-year term.
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