Green Street believes that WP Carey's recent multimillion dollar sale-leaseback transaction with a leading generic drug manufacturer in Canada "could suggest increased demand for sale-leaseback financing following the recent banking crisis in early March that likely tightened bank lending standards for small and medium-sized businesses."
Net Lease REIT W.P. Carey in April executed the largest transaction in the company's 50-year history with a $468 million sale-leaseback of a portfolio of four pharmaceutical R&D and manufacturing campuses in the Greater Toronto Area.
The portfolio represents the lion's share of the global operations of Apotex Pharmaceutical Holdings, the largest generic drug manufacturer in Canada.
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