NYSE-listed WP Carey has bought 14 automotive retail and service sites located throughout the Netherlands for €84m.

The net lease real estate investment trust said the portfolio comprises a total leasable area of 52,000sqm and is triple-net leased to a large Dutch automotive group for a term of 17 years.

Christopher Mertlitz, the head of WP Carey’s European investments, said: “Developing long-term relationships remains at the core of WP Carey’s business and this off-market transaction reflects the excellent partnership that we have built with our tenant.

“We are thrilled to expand our presence in the Netherlands and support our tenant as it continues to strengthen its position as a market leader.”

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