US sale-and-leaseback specialist WP Carey has announced the €41 mln sale-leaseback of 11 grocery retail stores totalling 13,100 m2.
Located across Denmark, the portfolio is net leased to Danish grocery retailer Coop Danmark for a term of 15 years with Danish NPI-based rent increases.
'The defensive nature of the asset class coupled with the strong locations of these stores made this a very attractive investment for us,' said Karolis Adlis, senior vice president, Investments, WP Carey. 'The Nordic countries continue to be a key market for WP Carey having invested approximately €800 mln in the region since our first transaction in 2001. We look forward to developing a long-term partnership with Coop as it seeks to continue expanding its market share across Denmark.'
Flemming Møller Hansen, head of Real Estate, Coop Danmark, said: 'We are excited to gain a long-term partner that believes in Coop’s take on the future of European retail and our new discount store chain, Coop365. This current sale-leaseback is a natural way for us to adjust a portion of our portfolio as we continue our expansion across Denmark with several new properties for discount stores in our pipeline.'
