The transaction follows a $33-million sale-leaseback CPA(R):15completed with Berry Plastics in 2003 and includes its headquartersand largest production facility in Evansville, IN, a manufacturingfacility in Baltimore, and a facility in Lawrence, KS. Allfacilities are being leased back to Berry Plastics on a long-termbasis.
Harris tells GlobeSt.com that this is the third transaction thatWP Carey has completed with Berry Plastics, and the proceeds wereused to finance a small add-on acquisition that they closed inconjunction with the sale-leaseback. "The timing of the transactionwas driven by this add-on acquisition, and was not impacted bymarket conditions."
Harris continues that "Berry is a very important tenant of oursand we were excited to be able to complete another transaction withthem and meet their timeframe. Over our 35-year history we haveexcelled in periods of market distress, and we expect the comingyears to present lots of great opportunities for ourinvestors."
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