W. P. Carey buys portfolio for $217m

W. P. Carey has acquired a 4.0 million-square-foot, 49-property industrial portfolio located in the United States and Canada for $217 million.

The properties are leased to wholly owned subsidiaries of Forterra Building Products, a multinational manufacturer of concrete and clay building products, for a period of 20 years and are guaranteed by Forterra.

The portfolio is comprised of 43 properties in the U.S. totaling approximately 3.5 million square feet and six properties in Canada totaling approximately 500,000 square feet. Composed primarily of multiple buildings located near major freeways, the facilities include office, concrete manufacturing, concrete quality control testing and storage facilities that support strong underlying operations of the company’s key business segments.