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.”

To read the digital edition of the latest IPE Real Assets magazine click here.