W.P. Carey Group Nabs $58M German Acquisition

SOEST, GERMANY-Two of New York-based W.P. Carey's publicly held non-traded REIT's--Global and CPA--are acquiring two German properties for $58 million. The listed German investment company, Arques Industries, is selling its Soest facility and Bad Wuennenberg property to the American company. Both properties serve, respectively, as headquarters and a logistics facility for Arques-owned Actebis AG Global. Actebis, Europe's third largest wholesale distributor of IT goods and services, was purchased by Arques in 2007. The properties in Soest and Bad Wuennenberg came with the deal. Actebis will remain in both spaces, working out a triple-net long term lease. The lengths and prices of the leases are not disclosed, but the average length of a long term lease is 15 to 20 years. The Soest property, a 23,000-square-meter headquarters,... [read full story]