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W.P. Carey closes EUR37m acquisition of Actebis headquarters and logistics facility

US property investment manager W.P.

US property investment manager W.P. Carey has announced that CPA:16 – Global and CPA:17 – Global, two of its publicly held non-traded real estate investment trust affiliates, have purchased two properties in Soest and Bad Wünnenberg, Germany from Arques Industries for about EUR37m.

The properties have been leased back to portfolio company Actebis under a triple net long-term lease. The Soest facility serves as Actebis’ global headquarters and the Bad Wünnenberg property is a logistics facility for the company.

Actebis is Europe’s third largest wholesale distributor of IT goods and services, selling 84,000 products, predominantly personal computers and computer devices, to businesses throughout Europe. Founded in 1986, Actebis now operates in Austria, Denmark, France, Germany, the Netherlands, Norway, and Sweden and was acquired in 2007 by Arques Industries, a listed German investment company.

‘The sale-leaseback transaction with W.P. Carey is enabling us to recapitalise our balance sheet and focus on growing the core businesses of our portfolio companies as well as expanding our investment opportunities,’ says Arques chief executive Dr. Michael Schumann.

‘W.P. Carey’s team were focused and analytical and we appreciated their in-depth knowledge of the German market. Given their experience working with portfolio companies held by investment firms, W.P. Carey was able to structure the transaction to meet Arques’ investment needs as well as Actebis’ operating requirements.’
 
W.P. Carey International executive director Jeffrey S. Lefleur says: ‘In the face of very difficult capital markets, we have again proven our ability to execute. Unlike our highly-leveraged competitors, we continue to be an active and eager investor in sale-leasebacks throughout Europe and remain committed to providing a stable source of financing throughout all stages of the economic cycle.’

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