W. P. Carey Closes 43-Property Sale-Leaseback with GardenCore

Net lease REIT W. P. Carey (WPC) recently closed the sale-leaseback of a 43-property manufacturing portfolio with newly branded GardenCore (formerly Oldcastle Lawn & Garden), a leading U.S. manufacturer of lawn and garden consumables, for a reported $400 million. The deal follows Pacific Avenue Capital Partners’ $1.1-billion acquisition of GardenCore, as part of a corporate carve-out from CRH’s packaged mulch, soil and stone business.

Located in 24 states across the U.S., the portfolio is triple-net, master-leased for a term of 20 years with fixed annual rent escalations. It represents the entirety of GardenCore’s owned real estate. GardenCore was among WPC’s 10 largest tenants by annual base rent at the time of the investment.

Jason Patterson, WPC executive director, investments, said, “This transaction highlights W. P. Carey’s ability to execute large, complex portfolio sale‑leasebacks with speed and certainty. With 43 mission‑critical facilities across 24 states, this was a highly coordinated transaction that required deep underwriting expertise, structuring flexibility and the capacity to deploy significant capital. As M&A activity rises, we are well positioned to support private equity firms in unlocking significant capital through sale-leasebacks of portfolio-company real estate.”