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WP Carey makes USD17m acquisition on behalf of CPA:18 - Global

WP Carey has acquired a headquarters and manufacturing facility and a further two manufacturing facilities on behalf of CPA:18 - Global, one of its managed REITs.

The three facilities, which total 362,000 square feet, are located in Georgia, Arizona and Texas, respectively, and are leased to Janus International Group for a period of 20 years.
 
The total acquisition price was approximately USD17 million.
 
WP Carey executive director Kathleen Barthmaier says: "In the Janus transaction we combined our real estate and industry experience with our financial structuring expertise to address the specific needs of the company and its owners. Our broad capabilities allow us to work with a range of owners and tenants in an array of sectors, including private equity firms and their portfolio companies. We tailor asset-based financings that support management's business plans and enhance the companies' financial platforms, providing a base for future growth and expansion.
 
"Given Janus's leading position in the roll up door market, the criticality of the assets themselves and the sponsorship support of an established private equity firm, the investment had the characteristics we look for when sourcing investments for our portfolios."
 
Scott Rivard, a principal at Saw Mill Capital, says: "Janus is the clear leader in serving the growing self-storage and commercial door markets. Working together with the management team at Janus we are looking to build on the company's proven high quality products and unmatched installation services to expand its market position in the US and internationally. The sale-leaseback financing with WP Carey positions us well for carrying out our strategic initiatives."

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