WP Carey has expanded its grocery-anchored real estate portfolio in Denmark with the acquisition of additional assets from food retailer Coop Danmark.

The NYSE-listed net lease real estate investment trust said it has agreed to buy 16 grocery stores in two separate sale-and-leaseback deals with Coop worth €64m in total.

The deal includes a commitment by WP Carey to acquire seven additional stores by the end of 2022, once refurbishments are completed.

Including two prior sale-leasebacks with Coop completed in December 2021 and February 2022, WP Carey will own 42 of Coop’s food retail stores by the end of 2022.

WP Carey, which has been investing in the Nordics since 2001, made its first investment in Denmark in 2018 when it acquired a portfolio of 14 logistics assets and one corporate headquarters building leased to Danish freight carrier Danske Fragtmænd.

Karolis Adlis, executive director of investments at WP Carey said: “Denmark remains an important market for us along with the rest of the Nordics in which we have invested over €900m since our first transaction in 2001. We look forward to continuing our relationship with Coop moving forward.”

Flemming Møller Hansen, real estate director at Coop Danmark, said: “We are thrilled to partner with WP Carey once again. This deal is demonstrative of the trust it has in our business model and will help to facilitate our national expansion strategy.”

Helle Nielsen Ziersen, head of EDC International Poul Erik Bech, advisor to WP Carey, said: “It is always a pleasure to advise WP Carey, and this case was no exception. Tapping into their deep sector knowledge, fundamental understanding of the market and thorough professionalism, the team at WP Carey remain a great partner for corporates looking to realise the value of their real estate.”

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