PR Newswire
NEW YORK, Nov. 3, 2020
NEW YORK, Nov. 3, 2020 /PRNewswire/ -- W. P. Carey Inc. (NYSE: WPC), a leading net lease REIT specializing in corporate sale-leasebacks, build-to-suits and the acquisition of single-tenant net lease properties, today announced a $102 million (€87 million) sale-leaseback of a 27-property supermarket portfolio located in Northern Spain and the Balearic Islands, bringing total investment volume for the year-to-date period to approximately $700 million. The portfolio comprises a total of 481,000 square feet (45,000 square meters) and is triple-net leased under three 20-year master leases to Eroski Sociedad Cooperativa ("Eroski"), one of the largest food retailers in Spain.
Key Facts:
Christopher Mertlitz, Executive Director, Investments, W. P. Carey said: "Due to our longstanding commitment to building strong tenant partnerships, we were able to secure this off-market transaction with an existing tenant to acquire a portfolio of high-quality supermarket assets. Our experience structuring and closing transactions in the Spanish market was critical in achieving a timely close. We look forward to continuing to grow our real estate footprint in Spain and to building on our partnership with Eroski."
W. P. Carey Inc.
W. P. Carey ranks among the largest net lease REITs with an enterprise value of approximately $18 billion and a diversified portfolio of operationally critical commercial real estate that includes 1,215 net lease properties covering approximately 142 million square feet as of September 30, 2020. For nearly five decades, the company has invested in high-quality single-tenant industrial, warehouse, office, retail and self-storage properties subject to long-term net leases with built-in rent escalators. Its portfolio is located primarily in the U.S. and Northern and Western Europe and is well-diversified by tenant, property type, geographic location and tenant industry.
This press release may contain forward-looking statements within the meaning of U.S. Federal securities laws. A number of factors could cause W. P. Carey's actual results, performance or achievement to differ materially from those anticipated. Among those risks, trends and uncertainties are the general economic climate, including the continuing impact of the COVID-19 pandemic; the supply of and demand for commercial properties; interest rate levels; and other risks associated with the acquisition and ownership of properties, including risks that the tenants will not pay rent, or that costs may be greater than anticipated. For further information on factors that could impact W. P. Carey, reference is made to its filings with the U.S. Securities and Exchange Commission.
Institutional Investors:
Peter Sands
W. P. Carey Inc.
212-492-1110
[email protected]
Press Contact:
Guy Lawrence
Ross & Lawrence
212-308-3333
[email protected]
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SOURCE W. P. Carey Inc.
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