Metra
"This sale-leaseback provided us additional capital to continue to invest in ongoing operational and growth initiatives. W. P. Carey was a great partner through the process and offered timely execution and certainty of close.”
-- Enrico Zampedri, CEO
Metra
Sale-leaseback with global aluminum manufacturer backed by strong private equity sponsorship
Tenant Description: Global, vertically integrated manufacturer of extruded aluminum profiles and related value-added services.
2024 Investment: $86 million (€80 million)
Transaction Type: Sale-leaseback*
Location: Italy and Canada
Square Footage: 1.1 million square feet (103,000 square meters)
Facility Type: 5 industrial facilities (4 in Italy and one in Canada)
In March 2024, W. P. Carey completed the $86 million (€80 million) sale-leaseback of an industrial portfolio totaling 1.1 million square feet. The portfolio comprised four mission-critical industrial facilities in Italy and one in Canada, all leased to Metra—a global manufacturer of extruded aluminum profiles.
Headquartered in Italy, Metra was acquired in 2021 by KPS Capital Partners, a New York-based global private equity firm. Metra has also been a tenant since 2022, following the $27 million sale-leaseback of another one of its Canadian facilities to W. P. Carey.
The facilities are highly critical to Metra’s business operations, accounting for a substantial portion of its revenue. Their highly functional design and strategic locations make them difficult to replicate, given the long construction and commissioning processes as well as significant acquisition costs.
The 2024 transaction brings W. P. Carey’s total investment with Metra to $113 million for six facilities spanning 1.3 million square feet (121,000 square meters). The properties are subject to master leases by country and are triple-net leased for a 25-year term with fixed annual rent increases.
*In a sale-leaseback, a company sells its real estate to an investor like W. P. Carey for cash and simultaneously enters into a long-term lease. In doing so, the company extracts 100% of the property’s value and converts an otherwise illiquid asset into working capital to reinvest in its business or pay down debt, while maintaining operational control.
“When speed and certainty of execution are paramount, selecting a capital partner that can navigate the intricacies of a cross-border, multi-currency transaction is critical. In a landscape where complexity reigns, Newmark’s expertise shines brightly. By seamlessly harmonizing with W. P. Carey’s tenured reliability, we orchestrated a symphony of success, unlocking the full value of our client’s illiquid assets.”