Net lease real estate investment trust WP Carey has bought a €41m grocery store portfolio in Denmark in a sale and leaseback deal.

The NYSE-listed firm said it has acquired 11 grocery retail stores totalling 13,100sqm leased to grocery retailer Coop Danmark for 15 years.

Karolis Adlis, senior investments VP at WP Carey said: “The defensive nature of the asset class coupled with the strong locations of these stores made this a very attractive investment for us.”

Adlis said the Nordic countries continue to be a key market for WP Carey having invested approximately €800m in the region since its first transaction in 2001.

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