W. P. Carey Acquires 83,400-Square-Meter Purmo Group Manufacturing Portfolio in Poland Sale-Leaseback for €52 Million
WARSAW, Poland — Sept. 11, 2026 — W. P. Carey has completed the acquisition of two manufacturing facilities in Poland from Purmo Group in a sale-leaseback transaction valued at €52 million, with Advium Corporate Finance serving as financial adviser to the seller. The properties, totaling approximately 83,400 square meters, have been leased back to Purmo Group under a 20-year triple-net master lease with annual CPI-linked rent increases.
Deal Structure and Property Details
The two industrial manufacturing facilities are located in Rybnik and Wałcz in western Poland, positioned along key transport routes that support distribution across European markets. The Rybnik facility is situated at Przemysłowa 11, and the Wałcz facility at Budowlanych 10. Together, the properties span roughly 897,800 square feet and are fully occupied, producing the majority of Purmo Group's panel radiators — the company's largest business line.
The lease structure is a triple-net master lease, under which Purmo Group retains responsibility for operating costs, taxes, insurance, and maintenance. Rent escalates annually in line with CPI, providing W. P. Carey with inflation-linked income over the 20-year term. The transaction implies a price of approximately €623 per square meter across the two-facility portfolio.
W. P. Carey characterizes the assets as light industrial manufacturing facilities encompassing both manufacturing and warehouse buildings that support Purmo's production and distribution operations.
Strategic Rationale for Purmo Group
Purmo Group, owned by Apollo Funds and Rettig, is a European provider of sustainable indoor climate solutions with panel radiators and underfloor heating among its core product lines. The sale-leaseback allows the company to convert owned real estate into capital to support long-term growth while retaining full operational control of the two facilities, which are described as mission-critical to its manufacturing operations.
Advium Corporate Finance noted that the transaction releases capital from real estate to support Purmo Group's long-term growth ambitions while preserving operational control of the strategically important facilities. The deal continues Advium's advisory relationship with Purmo Group and its owners, following the firm's role advising Apollo and Rettig on their 2024 public cash tender offer for the company.
Advium Corporate Finance's Role
Advium Corporate Finance acted as financial adviser to Purmo Group on the seller side of the transaction. The firm has now completed two significant mandates for the Purmo ownership group, with the earlier engagement covering the 2024 tender offer that brought the company under Apollo and Rettig's control.
Sale-leaseback transactions have become an established mechanism for industrial operators in Central and Eastern Europe to unlock capital tied up in owner-occupied real estate. By monetizing the Rybnik and Wałcz facilities, Purmo Group converts illiquid fixed assets into deployable capital while securing long-term occupancy rights through the master lease structure — preserving continuity at plants that account for the bulk of its panel radiator output.
Market Context
Poland has emerged as a significant destination for net lease industrial investment in Central and Eastern Europe, supported by its logistics infrastructure and access to pan-European distribution corridors. The Rybnik and Wałcz locations, both positioned along major road routes in western Poland, reflect the country's role as a manufacturing and distribution hub for companies serving broader European markets.
For W. P. Carey, the acquisition adds a fully occupied, single-tenant industrial portfolio underpinned by a long-term lease to an established European manufacturer, consistent with the firm's net lease investment strategy. The 20-year term and CPI-linked escalations provide extended cash flow visibility in an asset class that has attracted sustained institutional interest across the region.
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