Welcome!

News Feed Item

W. P. Carey Completes Acquisition of Scottish Trade Counter Portfolio on Behalf of CPA:18 - Global

LONDON, Aug. 21, 2014 /PRNewswire/ -- W. P. Carey Inc. (NYSE: WPC), a global net-lease REIT specializing in corporate sale-leaseback, build-to-suit financing and the acquisition of single-tenant net-lease properties, announced today that CPA®:18 Global, one of its managed non-traded REITs, has acquired a portfolio of 14 trade counter and industrial assets.  The assets, located in six trade parks throughout Scotland, were acquired from Cording Real Estate Group, a real estate owner and manager, for a purchase price of £10.6 million (€13.3 million), excluding acquisition costs.

Logo - http://photos.prnewswire.com/prnh/20130604/NY25517LOGO-b
Photo - http://photos.prnewswire.com/prnh/20140820/138145

Key facts:

  • Strong dynamics for trade counter assets: Modern trade counter assets are in high demand in the UK. Trade counter tenants, which typically include building merchants, trade suppliers, tool rental companies, car accessory suppliers and quasi-retail occupiers, prefer to be in established trade parks, where they can develop a local customer base.
  • Quality properties in established trade counter locations: The portfolio is 90% occupied, leased to 24 tenants on a triple-net basis, with a weighted average lease term of 8.2 years. It is comprised of best in class, modern trade counter facilities situated in established trade parks.
  • Diversified geographic and tenant mix: The portfolio is spread among six different regional locations with a tenant mix consisting of well-known Scottish companies, including: Jewsons, South Ayrshire Council, City Electrical Factors, Howdens and Saint Gobain.
  • Established asset manager: CedarWood Asset Management Ltd, an investment and asset management company that specializes in investing in the UK industrial market, will be the manager of the portfolio.

Quotes:

Greg Butchart, Managing Director of W. P. Carey, commented:

"This transaction provides us with a strong, well-diversified portfolio of quality triple-net leased assets and is consistent with our strategy of investing in long-term income-generating properties.  CedarWood will provide experienced hands-on management in order to maximize value of the assets for CPA®:18 – Global's investors."

Paul Jenkins, Director at CedarWood Asset Management, commented:

"Given their European investing experience, capital resources and long-term investment strategy, we are pleased to be joining with W. P. Carey for the management of the Scottish trade counter portfolio and look forward to developing a long-term relationship with them."

W. P. Carey Inc.

Please visit www.wpcarey.mediaroom.com for more information about W. P. Carey, to access our image and video libraries and to follow us on social media.

This press release contains forward-looking statements within the meaning of the Federal securities laws.  The statements of Mr. Butchart are examples of forward looking statements. A number of factors could cause CPA®:18 – Global's actual results, performance or achievement to differ materially from those anticipated.  Among those risks, trends and uncertainties are the general economic climate; the supply of and demand for office and industrial properties; interest rate levels; the availability of financing; and other risks associated with the acquisition and ownership of properties, including risks that the tenants will not pay rent, or that costs may be greater than anticipated, risks related to CPA®:18 – Global's offering of shares.  For further information on factors that could impact CPA®:18 – Global, reference is made to its filings with the Securities and Exchange Commission.

W. P. Carey Inc. contacts:

Europe
Dan de Belder/ Guy Scarborough/Tom Cahn
+44-207-861-3232
[email protected]

US
Guy Lawrence
+1-212-308-3333
[email protected]

Kristina McMenamin
+1-212-492-8995
[email protected]

More Stories By PR Newswire

Copyright © 2007 PR Newswire. All rights reserved. Republication or redistribution of PRNewswire content is expressly prohibited without the prior written consent of PRNewswire. PRNewswire shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.

Latest Stories
Containers, microservices and DevOps are all the rage lately. You can read about how great they are and how they’ll change your life and the industry everywhere. So naturally when we started a new company and were deciding how to architect our app, we went with microservices, containers and DevOps. About now you’re expecting a story of how everything went so smoothly, we’re now pushing out code ten times a day, but the reality is quite different.
The hierarchical architecture that distributes "compute" within the network specially at the edge can enable new services by harnessing emerging technologies. But Edge-Compute comes at increased cost that needs to be managed and potentially augmented by creative architecture solutions as there will always a catching-up with the capacity demands. Processing power in smartphones has enhanced YoY and there is increasingly spare compute capacity that can be potentially pooled. Uber has successfully ...
Using new techniques of information modeling, indexing, and processing, new cloud-based systems can support cloud-based workloads previously not possible for high-throughput insurance, banking, and case-based applications. In his session at 18th Cloud Expo, John Newton, CTO, Founder and Chairman of Alfresco, described how to scale cloud-based content management repositories to store, manage, and retrieve billions of documents and related information with fast and linear scalability. He addres...
You want to start your DevOps journey but where do you begin? Do you say DevOps loudly 5 times while looking in the mirror and it suddenly appears? Do you hire someone? Do you upskill your existing team? Here are some tips to help support your DevOps transformation. Conor Delanbanque has been involved with building & scaling teams in the DevOps space globally. He is the Head of DevOps Practice at MThree Consulting, a global technology consultancy. Conor founded the Future of DevOps Thought Leade...
When building large, cloud-based applications that operate at a high scale, it’s important to maintain a high availability and resilience to failures. In order to do that, you must be tolerant of failures, even in light of failures in other areas of your application. “Fly two mistakes high” is an old adage in the radio control airplane hobby. It means, fly high enough so that if you make a mistake, you can continue flying with room to still make mistakes. In his session at 18th Cloud Expo, Lee A...
While some developers care passionately about how data centers and clouds are architected, for most, it is only the end result that matters. To the majority of companies, technology exists to solve a business problem, and only delivers value when it is solving that problem. 2017 brings the mainstream adoption of containers for production workloads. In his session at 21st Cloud Expo, Ben McCormack, VP of Operations at Evernote, discussed how data centers of the future will be managed, how the p...
The deluge of IoT sensor data collected from connected devices and the powerful AI required to make that data actionable are giving rise to a hybrid ecosystem in which cloud, on-prem and edge processes become interweaved. Attendees will learn how emerging composable infrastructure solutions deliver the adaptive architecture needed to manage this new data reality. Machine learning algorithms can better anticipate data storms and automate resources to support surges, including fully scalable GPU-c...
Wooed by the promise of faster innovation, lower TCO, and greater agility, businesses of every shape and size have embraced the cloud at every layer of the IT stack – from apps to file sharing to infrastructure. The typical organization currently uses more than a dozen sanctioned cloud apps and will shift more than half of all workloads to the cloud by 2018. Such cloud investments have delivered measurable benefits. But they’ve also resulted in some unintended side-effects: complexity and risk. ...
Machine learning provides predictive models which a business can apply in countless ways to better understand its customers and operations. Since machine learning was first developed with flat, tabular data in mind, it is still not widely understood: when does it make sense to use graph databases and machine learning in combination? This talk tackles the question from two ends: classifying predictive analytics methods and assessing graph database attributes. It also examines the ongoing lifecycl...
With more than 30 Kubernetes solutions in the marketplace, it's tempting to think Kubernetes and the vendor ecosystem has solved the problem of operationalizing containers at scale or of automatically managing the elasticity of the underlying infrastructure that these solutions need to be truly scalable. Far from it. There are at least six major pain points that companies experience when they try to deploy and run Kubernetes in their complex environments. In this presentation, the speaker will d...
When applications are hosted on servers, they produce immense quantities of logging data. Quality engineers should verify that apps are producing log data that is existent, correct, consumable, and complete. Otherwise, apps in production are not easily monitored, have issues that are difficult to detect, and cannot be corrected quickly. Tom Chavez presents the four steps that quality engineers should include in every test plan for apps that produce log output or other machine data. Learn the ste...
Dhiraj Sehgal works in Delphix's product and solution organization. His focus has been DevOps, DataOps, private cloud and datacenters customers, technologies and products. He has wealth of experience in cloud focused and virtualized technologies ranging from compute, networking to storage. He has spoken at Cloud Expo for last 3 years now in New York and Santa Clara.
"Peak 10 is a hybrid infrastructure provider across the nation. We are in the thick of things when it comes to hybrid IT," explained , Chief Technology Officer at Peak 10, in this SYS-CON.tv interview at 20th Cloud Expo, held June 6-8, 2017, at the Javits Center in New York City, NY.
We are seeing a major migration of enterprises applications to the cloud. As cloud and business use of real time applications accelerate, legacy networks are no longer able to architecturally support cloud adoption and deliver the performance and security required by highly distributed enterprises. These outdated solutions have become more costly and complicated to implement, install, manage, and maintain.SD-WAN offers unlimited capabilities for accessing the benefits of the cloud and Internet. ...
Dion Hinchcliffe is an internationally recognized digital expert, bestselling book author, frequent keynote speaker, analyst, futurist, and transformation expert based in Washington, DC. He is currently Chief Strategy Officer at the industry-leading digital strategy and online community solutions firm, 7Summits.