WP Carey has invested €102m in a hypermarket portfolio in France by way of a sale and leaseback deal.

The NYSE-listed net lease real estate investment trust said it has bought the 424,800sqft portfolio of three hypermarket properties located in Southern and Central France.

The portfolio is triple-net leased to Distribution Casino France.

Christopher Mertlitz, the head of WP Carey’s European investments, said: “We are thrilled to continue our positive momentum in Europe with the completion of another off-market grocery retail sale-leaseback, an asset class which has proven its resilience during the COVID-19 pandemic.

“Sale-leasebacks enable companies to easily unlock the full value of their real estate and redeploy into their core businesses. We welcome the addition of these high-quality essential retail assets to our growing portfolio, and we look forward to building on our partnership with our newest tenant.”

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