W. P. Carey has completed an €88 million sale-leaseback transaction for six food production facilities across the UK, Czech Republic, and Slovakia. The portfolio comprises approximately 121,000 sqm and is leased to Valeo Foods Group under triple-net lease agreements.
Valeo Foods, founded in 2010 and headquartered in Ireland, is an international food production and distribution company with around 5,700 products sold in over 100 countries. The company owns brands including Rowse Honey, Kettle Chips, Jacob's Biscuits and Matthew Walker Puddings. Bain Capital acquired the company in 2021.
Each facility plays a unique role in Valeo Foods' operations, including the only production sites for brands like Rowse Honey, Matthew Walker Puddings and Candy Plus. The properties are specifically designed for food production and require significant investment and regulatory compliance, creating high barriers to entry.
"This transaction underscores our continued conviction in high-quality, mission-critical real estate leased to market-leading tenants in resilient industries," said Jolette Persson, Senior Vice President, European Investments at W. P. Carey. "Valeo Foods' international presence, robust brand portfolio and clear growth trajectory make this investment an excellent addition to our portfolio."
The portfolio is subject to 25-year triple-net master lease agreements with annual rent increases linked to consumer price indices. Chelsea Mandel, Founder and Managing Director at Ascension Advisory, added: "Working with W. P. Carey was a great experience. Their professionalism, responsiveness and ability to execute complex cross-border transactions set them apart in today's market."
