WP Carey announced on Wednesday that is has completed the second tranche of a EUR 74 mln corporate sale-and-leaseback transaction with Eroski. The second tranche, totalling EUR 36 mln, is for the purchase of 16 retail facilities from the Spanish supermarket operator. The first tranche, totalling EUR 38 mln and comprising 13 sites, closed in December 2009.
WP Carey announced on Wednesday that is has completed the second tranche of a EUR 74 mln corporate sale-and-leaseback transaction with Eroski. The second tranche, totalling EUR 36 mln, is for the purchase of 16 retail facilities from the Spanish supermarket operator. The first tranche, totalling EUR 38 mln and comprising 13 sites, closed in December 2009.
The properties are leased to Eroski under a long-term lease. Financing for the investment was provided by German specialist real estate lender Eurohypo.
Established in 1969, Eroski is the third largest food and consumables retailer in Spain. Eroski operates more than 100 hypermarkets and 1,200 supermarkets, franchises over 500 Aliprox fast-food outlets, and manages gas stations, drugstores and travel agencies.
Eroski is the latest European retailer, following transactions with Tesco, OBI and Hellweg, to partner with WP Carey in order to release capital from their real estate. Eroski was represented by real estate consultant Cushman & Wakefield Spain for both tranches.
New York-listed WP Carey is a global investment management company that provides long term sale-and-leaseback and build to suit financing for companies. The firm's investments are highly diversified, comprising contractual agreements with approximately 300 long-term corporate owners spanning 28 industries and 15 countries. WP Carey has a EUR 3 bn portfolio in Europe.
