New York City-based W. P. Carey has expanded its Canadian footprint by acquiring two Greater Toronto Area industrial buildings as part of a three-property sale-leaseback portfolio with rigid plastic packaging supplier Polytainers, including 197 Norsemen Street in Toronto. The transaction increases W. P. Carey’s Canadian holdings to 35 properties totaling 5.74 million square feet, more than 97 percent of which are industrial and warehouse assets, predominantly located in Ontario.

W. P. Carey has completed investments totaling US$1.6 billion so far this year, alongside dispositions of US$1 billion involving 91 properties, including the sale of 37 self-storage assets for US$513.3 million. The REIT’s Canadian strategy focuses on net-lease industrial and warehouse properties, with management highlighting Canada as one of its highest-conviction markets due to relatively less competition for sale-leaseback opportunities compared with the United States.