W.P. Carey reaches deal with Fraikin Group

W.P. Carey reaches deal with Fraikin Group W.P. Carey International LLC, a New York investment firm and affiliate of W.P. Carey and Co. LLC, announced the terms of a sale and leaseback agreement for properties in France with the Fraikin Group on Feb. 27.
   The properties were purchased for $68 million and total more than 1 million square feet. They are located in industrial parks outside of large cities such as Paris, Lille and Marseille. The facilities provide convenient access to major road networks. They were also the bulk of Fraikin's French operating assets.
   W.P. Carey is adding to their 800 commercial and industrial properties in 13 countries.
   'This recent transaction with Fraikin has allowed us to expand our coverage in France ' Fraikin is a market leader in Europe with the potential to serve as a platform for industry consolidation,' said Edward V. LaPuma, president of W.P. Carey International.
   Fraikin is one of Europe's largest commercial truck and industrial leasing companies. They serve the commercial fleet leasing needs of many of Europe's best-known companies in France, Spain, Poland, Switzerland and Slovakia.