W. P. Carey announced the approximately $468M sale-leaseback of a critical portfolio of four pharmaceutical R&D and manufacturing campuses with Apotex Pharmaceutical Holdings, a global pharmaceutical company and the largest generic drug manufacturer in Canada. The portfolio represents the vast majority of Apotex’s global operations, comprising 11 properties covering 2.3M square feet spread across four campuses located in attractive industrial submarkets within the Greater Toronto Area. Structured as a triple-net master lease with rent payable in U.S. dollars and fixed rent escalations over a 20-year term, the sale-leaseback transaction closed concurrently with private equity firm SK Capital’s majority buyout of Apotex, financing a portion of the buyout.
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