NEW YORK, NY—W.P. Carey Inc., has acquired aportfolio of 14 trade counter and industrialassets in six different trade parks across Scotland. Careymade the acquisition through its non-traded REIT, CPA:18 –Global.

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Trade counter assets are typically high volume showrooms orlight retail businesses that require an element of retail space anduse the balance of space for warehousing inventory and/or officepurposes.

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The assets were acquired from Cording Real EstateGroup, a real estate owner and manager, for a purchaseprice of $17.8 million (£10.6M), excludingacquisition costs.

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CedarWood Asset Management Ltd, an investmentand asset management company that specializes in investing in theUK industrial market, will be the manager of the portfolio.

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“This transaction provides us with a strong, well-diversifiedportfolio of quality triple-net leased assets and is consistentwith our strategy of investing in long-term income-generatingproperties,” said Greg Butchart, managing directorof W. P. Carey. “CedarWood will provide experienced hands-onmanagement in order to maximize value of the assets for CPA:18 –Global's investors.”

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Modern trade counter assets are in high demand in the UK.Trade counter tenants, which typically include buildingmerchants, trade suppliers, tool rental companies, car accessorysuppliers and quasi-retail occupiers, prefer to be inestablished trade parks, where they can develop a local customerbase.

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“Given their European investing experience, capital resourcesand long-term investment strategy, we are pleased to be joiningwith W. P. Carey for the management of the Scottish trade counterportfolio and look forward to developing a long-term relationshipwith them,” said Paul Jenkins, director atCedarWood Asset Management.

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The portfolio is 90% occupied, leased to 24tenants on a triple-net basis, with a weighted average lease termof 8.2 years. It is comprised of best in class, modern tradecounter facilities situated in established trade parks.

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The portfolio is spread among six different regional locationswith a tenant mix consisting of well-known Scottish companies,including: Jewsons, South Ayrshire Council, City ElectricalFactors, Howdens and Saint Gobain.

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David Phillips

David Phillips is a Chicago-based freelance writer and consultant with more than 20 years experience in business and community news. He also has extensive reporting experience in the food manufacturing industry for national trade publications.