W. P. Carey announces £85 million investment in U.K. class-A logistics facility

  • W. P. Carey Inc. announced the acquisition of a 67,500 square metre (726,000 square foot) Class-A, cross-docked logistics facility in the U.K. for £85 million ($112 million) in an off-market transaction.
  • The facility is net leased to the U.K. operating subsidiary of Dixons Carphone plc (“Dixons”), a publicly listed multinational electronics and telecommunications retailer and services company.

The tenant is the largest business segment of Dixons, a leading multichannel retailer of technology products and services, with 14 brands in nine countries and operating across 1,500 stores and 16 websites.

Dixons is a publicly listed FTSE 250 constituent company with a market capitalization of over £1.5 billion ($2 billion) and annual revenues in excess of £10 billion ($13 billion).

The facility functions as part of Dixons’ largest and most critical distribution platform in the U.K., primarily supporting its e-commerce business, which is central to the company’s long-term strategy.

The facility is a Class-A, cross-docked logistics facility with up to 15-metre (50-foot) clear heights, solar panels and the capacity for automation and expansion. It is located in the U.K.’s East Midlands region in one of the country’s most active logistics corridors, with direct access to the A1 motorway connecting London and Edinburgh.

This is triple-net leased for a period of 13.5 years with fixed rent increases.

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