New York Based W.P. Carey in Big Canada Sale Leaseback Deal
Build-to-suit, sale-leaseback specialist W.P. Carey Inc. has executed a sale-leaseback of a 153,000-square-foot industrial facility in Quebec, Canada.
The facility is net leased to Metra Aluminium Inc., the Canadian subsidiary of Metra S.p.A. Founded in 1962, Metra, and its subsidiaries and affiliates, is a global, vertically integrated manufacturer of extruded aluminum profiles and related value-added services, including painting, oxidation, machining, welding and assembly. The facility contains two extrusion presses which are critical to the company’s ongoing operations in North America. It is located in one of the top-performing industrial markets in North America and is in close proximity to a number of key highways and the Montreal-Pierre Elliot Trudeau International Airport.
“We are thrilled to partner with Metra on this sale-leaseback and enable them to unlock capital to invest in future growth,” said Managing Director Zachary Pasanen. “This high-quality, fungible asset is located in a strong industrial market with some of the lowest vacancies in North America and will make a great addition to our growing portfolio. We look forward to building our relationship with Metra and working with them in the future.”
The facility is triple-net leased for a term of 25 years with fixed annual rent escalations.
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