Sale-and-leaseback specialist WP Carey has announced the acquisition of eight grocery stores, net leased to Danish food retailer, Coop Danmark for an undisclosed amount.
The sale-and-leaseback transaction includes a commitment by WP Carey to acquire three additional stores upon completion of refurbishments in 2022 and follows the sale-leaseback of an 11-store portfolio with Coop in December 2021.
The newly acquired stores are net leased for a term of 15 years with Danish NPI-based rent increases.
Karolis Adlis, executive director, Investments, WP Carey said: ‘Underscoring our commitment to developing long-term relationships with our tenants, we are delighted to build on our partnership with Coop and add eight high-quality, food retail assets to our portfolio. This transaction will enable Coop to unlock the full value of its real estate, redeploying proceeds back into the business to fuel its strategic growth plan. We are pleased to continue expanding our presence in Denmark and look forward to working with Coop in the future.’
Flemming Møller Hansen, Real Estate director at Coop Danmark, said: ‘We are pleased to have a long-term partner in W. P. Carey who believes in our approach to European retail and the future of our new discount store chain, Coop 365discount. The sale-leaseback agreement is a natural way for us to adapt part of our portfolio so that we can continue our expansion across Denmark with more discount store properties that we have in our pipeline.’
