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PARIS-In a strategic move to broaden its presence in France, an affiliate of New York City-based WP Carey International LLC has closed a sale-leaseback deal with the Fraikin Group of Coventry, England and CVC Capital partners of New York City. The deal, which focuses on 61 logistics properties located throughout France, encompasses more than one million sf is valued at $68 million or about $61 per sf.

Cary president Edward V. LaPuma calls the transaction a big deal because of the international stature of Fraikin and CVC. He also says the deal allows his company to expand its coverage in France, "a region in which we are committed to growing our presence."

Fraikin is regarded as the largest commercial truck- and industrial-leasing company in Europe, active in France, Spain, Poland, Switzerland and Slovakia. Properties in Lille, Marseille and Paris are among the sites acquired by WP Carey & Co. LLC, the affiliate of Carey International. Fraikin is a portfolio company of CVC Capital Partners, a leading European private equity group. The acquired properties represent the bulk of Fraikin's French operating assets. The 60-year-old firm has a commercial vehicle fleet of 34,000 and a staff of 3,000 to handle its 200 service facilities across Europe. Besides its New York City office, CVC has offices in Amsterdam, Brussels, Copenhagen, Frankfurt, Jersey, London, Luxembourg, Madrid, Milan, Paris, Stockholm, Zurich, Hong Kong, Seoul, Sydney and Tokyo.

Instant Insights /

Carey Unit Closes $68M French Sale-Leaseback

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