W. P. Carey, the global investment management company, has acquired two office and logistics facilities in Zagreb, Croatia for EUR 77 mln including acquisition fees. The transaction is W. P. Carey’s first in Croatia was conducted via CPA Global, one of its publicly held non-traded REIT affiliates.
W. P. Carey, the global investment management company, has acquired two office and logistics facilities in Zagreb, Croatia for EUR 77 mln including acquisition fees. The transaction is W. P. Carey’s first in Croatia was conducted via CPA Global, one of its publicly held non-traded REIT affiliates.
The two properties comprise the office headquarters and national distribution center of Konzum, the largest food retailer in Croatia and a subsidiary of Agrokor. Founded in 1976, Agrokor is the largest private company in Croatia and one of the largest among its peers in Central and Eastern Europe.
Jeffrey Lefleur, Executive Director of W. P. Carey, said: 'As one of the largest real estate transactions in Eastern Europe in the last three years, the acquisition is further indication of W. P. Carey’s ability to provide long term capital to companies based in capital-constrained regions on the Continent. Given Agrokor’s dominance of the agribusiness industry and history of successful acquisitions and growth, this was an ideal situation for us to enter the Croatian market. Having its strategically critical operating assets on a long-term lease is consistent with our investment strategy.'
Ivica Todoric, Founder and President of Agrokor, said: 'This transaction with W. P. Carey allowed us to structure a deal that meets our short term commitments while supporting our longer term goals.'
King Sturge was the real estate advisor to the transaction.
In recent months W. P. Carey has completed approximately EUR 270 mln in sale leaseback transactions in Europe, including several sale-and-leaseback deals with TDG Limited, Eroski, OBI and Tesco.