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WP Carey acquires two German properties

Two of the firm’s funds have entered into a sale-leaseback agreement to buy the properties for €37m. The deal highlights the continuing interest from US investors in the German real estate market.

WP Carey, the US-based global real estate investment firm, has purchased two properties in Soest and Bad Wünnenberg, Germany, from Arques Industries for approximately €37 million ($59 million). 

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

Actebis, which mostly sells personal computers and computer devices to European businesses and corporations, is Europe’s third largest wholesale distributor of IT goods and services. It was originally founded in 1986 and now operates in Austria, Denmark, France, Germany, the Netherlands, Norway and Sweden. Actebis was acquired in 2007 by Arques Industries, a listed German investment company.

WP Carey, which is publicly traded on the New York Stock Exchange, has a number of private real estate funds which own more than 850 commercial and industrial assets in 28 industries and 14 countries.