Real estate investment trust WP Carey has bought a retail property portfolio in the Netherlands for €153m.
WP Carey said it bought the 36-property portfolio from UK-listed building materials supplier CRH.
The portfolio is triple-net leased to the Dutch DIY group Intergamma for a weighted average lease term of 15 years, the US firm said.
The portfolio comprises around 141,000sqm of leasable area. The portfolio covers all key regional locations across the Netherlands with a concentration in the Randstad region, WP Carey said.
Arvi A. I. Luoma, the head of European investments at WP Carey, said: “The Intergamma acquisition is a great example of a transaction that meets our established investment criteria and allows us to further diversify our portfolio with a market-leading tenant in a defensive industry that is largely insulated from e-commerce disruption.
“The critical operating assets are strategically located with easy access, excellent visibility and strong fundamental real estate value. This investment complements the existing strength of our European portfolio and brings long-term added value consistent with our broader diversification strategy.”