WP Carey enters Austria with €23.4m retail asset buy

US REIT WP Carey has acquired a retail hypermarket and garden centre in Bad Fischau, Austria from UK developer Richardson Capital for €23.4 mln.

The property is leased to the Austrian subsidiary of German Do-It-Yourself (DIY) retailer, Hornbach Baumarkt, which recently renewed its lease for a 15-year term.

The transaction is the first to be carried out by WP Carey in the Austrian property market, said Jeffrey Lefleur, managing director of WP Carey.

'With Hornbach as a quality tenant, the length of the net lease and the annual inflation escalation, the investment is consistent with our investment criteria and furthers our diversification strategy,' he added.