New York-listed investor WP Carey has provided EUR 41 mln construction financing to Austrian developer BOP for a retail project in Croatia.
New York-listed investor WP Carey has provided EUR 41 mln construction financing to Austrian developer BOP for a retail project in Croatia.
The financing is 100% of the funding needed for the construction of three big-box retail sites in Croatia. When completed, the sites will be long-term, triple-net leased to Konzum, part of Croatian company Agrokor Group.
Agrokor employs a total of 35,000 people to produce and distribute food and drinks as well as operate retail stores.
WP Carey, a global sale-and-leaseback specialist, provided the funding through its publicly-held non-traded REIT, CPA 17 - Global.
WP Carey now has $3.5 bn (EUR 2.5 bn) of assets under management outside the US. So far this year WP Carey has provided more than EUR 480 mln in alternative long-term financing to companies throughout Europe.
Jones Lang LaSalle advised in the transaction.
