WP Carey has acquired fashion retailer Adler Modemärkte's office headquarters and key retail facility in Haibach, Germany.
WP Carey has acquired fashion retailer Adler Modemärkte's office headquarters and key retail facility in Haibach, Germany.
The total acquisition cost of the facilities was about €22 mln.
Adler has a leading position in the German clothing market for customers aged 45 and over. It operates 169 stores across German-speaking Europe and has 4,400 employees.
The facility comprises Adler’s headquarters and flagship store and is subject to a 20-year, triple-net lease. Located along an important retail corridor, the facility is a critical asset to Adler and additionally houses its central IT infrastructure and data centre.
Reed Smith advised WP Carey on the transaction.
WP Carey is a New York-listed real estate investment trust that specialises in corporate sale-and-leaseback financing, build-to-suit construction financing and the acquisition of net-lease properties. The firm carried out the Adler transaction through its non-traded REIT affiliate CPA 17-Global.
