WP Carey, the New York-listed sale-and-leaseback specialist, has acquired a 10-property car dealership portfolio in the Netherlands for $63 mln (€58 mln).
WP Carey, the New York-listed sale-and-leaseback specialist, has acquired a 10-property car dealership portfolio in the Netherlands for $63 mln (€58 mln).
The vendor was Dutch listed automotive group Stern. The portfolio is triple-net leased for a 17-year period and includes full Dutch CPI annual rent increases.
The 10 facilities are located in and around Amsterdam, Utrecht and Eindhoven, and are among the best performing in Stern's portfolio. Representing approximately 10% of Stern's locations, the facilities generated about one quarter of Stern's 2014 revenues.
Christopher Mertlitz, vice-president at WP Carey, commented: 'This transaction is a further example of our focus on acquiring high-performing, strategically-located assets from market leading tenants to create long-term value for our portfolio.'