Net lease real estate investment trust WP Carey has acquired a €130m portfolio of 26 properties located throughout Spain.
The NYSE-listed company said the portfolio is master leased on a triple-net basis for a 30-year term to Mémora Servicios Funerarios, a funeral services provider in Spain and Portugal.
Christopher Mertlitz, the head of European investments at WP Carey, said: “We are thrilled to complete what we hope to be one of many investments with Mémora as it continues to grow its market share across Iberia.”
Mertlitz said Mémora’s strong market position, coupled with the criticality of these assets and long lease term, made this transaction “ideally suited for our investment criteria while also adding to the diversity of our European portfolio”.
Spain represents an important market for WP Carey having invested approximately €860m in the region since the firm’s first transaction in 2009, Mertlitz said.
Juan Jesús Domingo, CEO of Mémora, said: “Today’s announcement marks the start of a long-term, strategic partnership to help accelerate the growth and expansion of the Mémora Group as we continue to execute on our plans to open new facilities over the next decade.”
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