WP Carey has bought a $102m (€87m) portfolio of 27 supermarket properties in northern Spain and the Balearic Islands in a sale and leaseback deal.
The US-listed net lease real estate investment trust said the portfolio is triple-net leased under three 20-year master leases to Eroski Sociedad Cooperativa.
Christopher Mertlitz, Executive Director, Investments, WP 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.”
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