Four Metra properties in Italy (and the R&D heart in Canada) to WP Carey | EUROtoday

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A cross-border buy sale and leaseback operation, which unites Italy and Canada. WP Carey – actual property fund web lease listed on Wall Street and specialised in gross sales with lease settlement and tailored infrastructures – has introduced the sale – with lease settlement, for 80 million euros – of a portfolio of commercial properties and for analysis and growth actions, for a complete of roughly 103 thousand sq. meters, distributed between Italy and Canada. The portfolio contains 4 industrial properties mission-critical in Italy and a property for R&D actions in Canada and is granted in triplicate web lease to Metra Spa and Metra Aluminium, international producer of extruded aluminum profiles and associated companies (together with portray, oxidation, mechanical processing, welding and meeting).

The operation

Metra, the tenant – a pacesetter in its market and supported by sturdy non-public fairness sponsorship – gives a complete vary of extruded aluminum profiles, used primarily in industrial, constructing and building finish markets in Europe and North America . Metra has its headquarters in Italy, with manufacturing vegetation situated in Italy, the USA and Canada. In 2021, it was acquired by KPS Capital Partners LP, a New York-based international non-public fairness agency.

The portfolio topic to the transaction is of important significance for Metra's company actions. The properties are extremely useful and troublesome to duplicate, having required prolonged building and commissioning processes, vital acquisition prices and strategic positioning in Italy and Canada.
Metra has been a tenant of WP Carey since 2022, following the sale-leaseback transaction of its Quebec property, and this transaction additionally represents the third sale-leaseback transaction performed by WP Carey with a KPS portfolio firm.

Out of 5 factories that Metra has in Italy, the operation entails solely 4, these situated in Northern Italy (Serravalle Scrivia, Rodengo Saiano, Villafranca and Montale) and which shall be granted in triple web lease with a long-term grasp lease that gives for annual hire will increase. The property acquired in 2022 in Canada may also be added to the lease settlement between WP Carey and Metra, which gives for mounted annual will increase in hire.

The aims

«This cross-border operation – stated Christopher Mertlitz, head of european investments by WP Carey – represents an excellent instance of our funding philosophy centered on mission-critical properties leased to creditworthy firms. It additionally demonstrates our potential to construct long-lasting partnerships with our tenants and enterprise companions, together with non-public fairness companies. In explicit, in mild of the excessive rates of interest at present in power, entry to liquidity stays essential. Therefore, we’re excited to as soon as once more companion with Metra and KPS to allow them to unlock capital to help their present enterprise aims.”