W. P. Carey Closes $21 Mln Sale-Leaseback Of Pratt Manufacturing Facility

(RTTNews) - W. P. Carey Inc. (WPC), a global net-lease REIT, said it has completed a $21 million sale-leaseback acquisition of a 356,000 square-foot manufacturing facility in Lewisburg, Ohio.

The facility is located 30 miles from Dayton, Ohio and is leased to Pratt Industries, Inc. on a long-term basis.

W.P. Carey said the highly automated facility was custom designed to suit the company's specific needs. Pratt invested about $35 million in equipment for the facility.

W. P. Carey Executive Director, Kathleen Barthmaier, said, "This sale-leaseback with Pratt is consistent with W. P. Carey's strategy of investing in long-term, single tenant assets that are critical to a tenant's business. Given the long-term lease, the criticality of the asset and Pratt's additional capital investment in the equipment housed in the facility, we are pleased to add this asset to our portfolio."