STUTTGART, GERMANY-Manufacturer Coperion GmbH has sold two properties, its primary production and office sites, in a sale-leaseback deal to ThreadGreen Industrial Ltd. for about $39 million. The buyer is an affiliate of Northcliffe Asset Management, a company formed from former WP Carey executives late last year.

Coperion signed a 20-year lease for the two properties, located here and in Baienfurt, Germany, with the sites totaling about 540,000 square feet. Northcliffe and Coperion will jointly fund and manage the redevelopment and refurbishment of the property here.

Gunter Bachmann, CEO of Coperion, said in a statement that the transaction provided capital to fund the expansion of the 132-year-old firm. The money will also go toward the redevelopment, Bachmann said.

Alistair Calvert, a managing partner of Northcliffe, said the opportunities for SLBs in Europe have never been greater, with the spread between the rental yield on investments and financing costs at close to historic highs. “Constrained capital markets and the over-leveraged corporate sector have resulted in a huge supply of transactions. The undeveloped nature of the European market, which at $4 trillion has twice the level of owner occupied commercial property of the

US, suggests that this deal supply will continue,” Calvert said in a statement.