NYSE-listed WP Carey has added eight grocery stores to its portfolio in Denmark.
The net lease real estate investment trust said it has acquired the stores, leased to Danish food retailer Coop Danmark.
Financial details were undisclosed.
WP Carey said the deal includes a commitment to buy three additional stores upon completion of refurbishments in 2022 and follows the €41m sale-leaseback of an 11-store portfolio deal with Coop in December last year. As a result, WP Carey currently owns 19 of Coop’s stores across Denmark.
Karolis Adlis, executive director in charge of investments at WP Carey said: “Underscoring our commitment to developing long-term relationships with our tenants, we are delighted to build on our partnership with Coop and add eight high-quality, food retail assets to our portfolio.
“This transaction will enable Coop to unlock the full value of its real estate, redeploying proceeds back into the business to fuel its strategic growth plan. We are pleased to continue expanding our presence in Denmark and look forward to working with Coop in the future.”
Flemming Møller Hansen, the real estate director at Coop Danmark, said: “We are pleased to have a long-term partner in WP Carey who believes in our approach to European retail and the future of our new discount store chain, Coop 365discount.
“The sale-leaseback agreement is a natural way for us to adapt part of our portfolio so that we can continue our expansion across Denmark with more discount store properties that we have in our pipeline.”
Helle Nielsen Ziersen, head of EDC International Poul Erik Bech, advisor to WP Carey, said: “WP Carey remains an excellent partner for corporates looking to realise the value of their real estate.
“Bringing together a deep sector knowledge coupled with a detailed understanding of the market, the team at W. P. Carey are a pleasure to work with and we look forward to growing our relationship with the firm moving forward.”
To read the latest edition of the latest IPE Real Assets magazine click here.
No comments yet