The asset was purchased on behalf of Corporate Property Associates 15, a member of the $5 billion WP Carey group of publicly held non-traded real estate investment trusts This latest acquisition adds to WP Carey's growing portfolio of managed properties in England. Launched in November 2001, CPA15 currently has an ownership interest in 83 properties net leased to 23 tenants in 19 US states, the UK and France.
Edward V. LaPuma, Managing Director and International Chief Acquisitions Officer at WP Carey said: "ISL has created a solid reputation in the cold-storage industry and has a client base that includes some of the most successful companies in the world today. This transaction will provide ISL with additional capital and enable it to focus on its core competencies."
Founded in 1973, WP Carey specialises in corporate real estate financing through the corporate net lease, or sale-leaseback structure. The company owns and/or manages 550 commercial and industrial properties throughout the United States and Europe totalling more than 70 million sf of space.
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