X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

NAGOLD, GERMANY-United Kingdom-based Wagon plc, a manufacturer of vehicle body structures, is working a sale-leaseback of two manufacturing sites–Waldaschaff and Nagold–with WP Carey & Co. LLC for $58 million through their publicly-held, non-traded REITs–CPA(R):15 and CPA(R):17. WL Ross & Co. LLC will also provide funding of approximately $70 million to the manufacturer in the form of special rights offering of Wagon Common shares.

Wagon was originally a railway wagon repair business, but has altered its focus over the years to automobiles. Specializing in design, engineering and manufacturing of body structures and closure systems, Wagon’s customers include Peugot, Renault, Daimler and Volkswagen with 22 plants in 10 countries.

“The new capital from WL Ross and WP Carey comes at an ideal time,” explains Richard Cotton, CFO of Wagon, in a statement. “It enables us to fund our growth initiatives, support the company’s recent contract wins with IVECO and Porsche, and repay existing debt facilities.”

WP Carey is also providing $10.5 million in financing to meet Wagon’s expansion plan. While WL Ross uses its deal to increase its stake in Wagon from 15% to more than 75%. WL Ross is a principal investment firm and specializes in helping distressed companies. WP Carey provides long-term sale-leaseback and build-to-suit financing for companies.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 3 free articles* across the ALM subscription network every 30 days
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2020 ALM Media Properties, LLC. All Rights Reserved.