W.P. Carey Finances Sale-Leaseback in Finland
- Apr 14, 2008
W.P. Carey & Co.’s CPA: 16 – Global non-traded REIT affiliate has provided sale-leaseback financing to Mantsinen Group, a Finnish machinery production firm. CPA: 16 acquired and leased back Mantsinen’s office headquarters and industrial site, located in Ylamylly, Finland under the $18 million deal. Mantsinen produces material handling machinery and mobile harbor cranes, as well as offering logistics services to clients in the forestry, steel and port industries. “The sale-leaseback transaction with W.P. Carey is enabling us to recapitalize our balance sheet and pursue a number of growth initiatives further down the road, including expansion into Russia,” noted Mantsinen president & CEO Ari Hakkarainen. For its part, W.P. Carey identified Mantsinen as “a well-established Finnish company that is expanding into global markets. “We are thrilled to have them as a long-term tenant,” said Ed LaPuma, president of W.P. Carey International. W. P. Carey provides long-term sale-leaseback and build-to-suit financing for companies worldwide and manages a global investment portfolio worth more than $10 billion. The firm’s CPA series of income-generating, non-traded REITs help companies and private equity firms release capital tied up in real estate assets.