Net lease specialist WP Carey has inked the sale and leaseback of 123 retail stores in Poland to convenience retailer Zabka.
Some 114 stores were acquired in July, with the remaining nine stores acquired in September. The portfolio is triple-net leased to the retailer for a term of 20 years.
Jolette Persson, vice president at W. P. Carey, said: 'We are thrilled to complete this sale-leaseback of a high-quality convenience store portfolio leased to a leading tenant with strong brand recognition.
'This deal is a prime example of our ability to successfully transact in a fast-growing subsector while staying true to our long-term investment philosophy. We are pleased to continue expanding our presence in essential retail in Poland and look forward to continuing our partnership with Zabka as they grow their presence and footprint in the country.'
Founded in 1998, Zabka is a major convenience player in Poland. It has more than 10,500 stores located throughout the country, with approximately 3 million customers shopping at its stores daily. The portfolio consists of high-performing stores and is located throughout Poland in urban, high-traffic locations.
Convenience retail continues to be a fast-growing sector due to a growing shift in consumer preferences toward smaller purchases made closer to home. The sector is also highly resilient and has remained insulated from wider challenges presented within the current economic environment.
WP Carey has invested over €1.3 bn in Central Eastern Europe since its first investment in the region in 2006.
