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A cross-border purchase sale and leaseback operation, which unites Italy and Canada. WP Carey – a net lease real estate fund listed on Wall Street and specialized in lease sales and tailor-made infrastructure – has announced the €80 million sale – with lease – of a portfolio of industrial and manufacturing properties research and development, for a total of approximately 103 thousand square meters, distributed between Italy and Canada. The portfolio includes four mission-critical industrial properties in Italy and a property for R&D activities in Canada and is granted in triple net lease to Metra Spa and Metra Aluminium, global manufacturer of extruded aluminum profiles and related services (including painting, oxidation , mechanical machining, welding and assembly).
The operation
Metra, the tenant – a leader in its market and supported by strong private equity sponsorship – offers a comprehensive range of extruded aluminum profiles, used primarily in industrial, building and construction end markets in Europe and North America . Metra has its headquarters in Italy, with production plants located in Italy, the USA and Canada. In 2021, it was acquired by KPS Capital Partners LP, a New York-based global private equity firm.
The portfolio subject to the transaction is of essential importance for Metra’s corporate activities. The properties are highly functional and difficult to replicate, having required lengthy construction and commissioning processes, significant acquisition costs and strategic positioning in Italy and Canada.
Metra has been a tenant of WP Carey since 2022, following the sale-leaseback transaction of its Quebec property, and this transaction also represents the third sale-leaseback transaction conducted by WP Carey with a KPS portfolio company.
The operation involves four Metra factories in Italy, those located in Northern Italy – explains the company – and which will be granted in triple net lease with a long-term master lease agreement which provides for annual increases in the rent. The property acquired in 2022 in Canada will also be added to the lease agreement between WP Carey and Metra, which provides for fixed annual increases in rent.
The objectives
«This cross-border operation – said Christopher Mertlitz, head of European investments at WP Carey – represents an excellent example of our investment philosophy focused on mission-critical properties leased to credit-worthy companies. It also demonstrates our ability to build long-lasting partnerships with our tenants and business partners, including private equity firms. In particular, in light of the high interest rates currently in force, access to liquidity remains crucial. Therefore, we are excited to once again partner with Metra and KPS to enable them to unlock capital to support their current business objectives.”
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Four Metra properties in Italy (and the R&D center in Canada) to WP Carey
Xi Jinping in France: mixed results for the French meat industry
2024-05-07 22:03:03
It is the leading importer of French pork outside the European Union: China is a crucial outlet for the pork industry, with 140,000 tonnes exported in 2022. On the sidelines of Xi Jinping’s visit to France on May 6, 2024, discussions took place occurred. The objective is to increase French exports in the Middle Kingdom. At the end of the state visit, several agreements were announced.
As soon as the end of the bilateral meeting with Xi Jinping, the French Minister of Agriculture hastened to welcome the “ vitality » of the Franco-Chinese relationship, and to announce two important agreements for the pork industry. From now on, French breeders will be able to export white offal in Chine (parts such as the intestine or stomach, from the pig’s digestive system), but also what we call processed pork proteins.
Two measures welcomed by the inter-profession. Anne Richard, director of Inaporc, highlights commitments “ very positive “. She estimates that this new outlet will increase French pork exports to China by 10%, or around 26 million euros.
« That’s already taken »
But is this really an important step for the Franco-Chinese trade ? « Yes and no » replies Jean-Paul Simier, co-author of the Cyclops report on raw materials. “ These are a few small steps forward, that’s already enough. » estimates the expert, for whom the real question lies elsewhere. Because what everyone is waiting for is progress on the beef issue.
Beef, very popular with the Chinese the wealthiest, is the subject of a dispute between China and France. For more than 20 years, Beijing has imposed an embargo on French beef after the mad cow crisis. Despite multiple attempts, this embargo has still not been lifted.
« That would have been a real concession », underlines Jean-Paul Simier, who notes that Beijing is choosing to “ divide and rule » in commercial matters. China has indeed lifted the similar embargo imposed on Germany during Olaf Scholz’s last visit last month, but still refuses to do so for France. For the expert, it’s simple, “ the day when European countries negotiate as one, they will be stronger and obtain real commercial progress ».
Also read: Why doesn’t the pork industry benefit from the Chinese New Year?
#Jinping #France #mixed #results #French #meat #industry
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Xi Jinping in France: mixed results for the French meat industry
Pasi, 25, chained a slave to his house and tortured in cold blood – The victim suffered a harsh fate before getting justice Foreign countries 6.5. 19:10
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Pasi, 25, chained a slave to his house and tortured in cold blood – The victim suffered a harsh fate before getting justice Foreign countries 6.5. 19:10
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