WP Carey makes EUR102m investment in French hypermarket portfolio
WP Carey Inc, a net lease REIT specialising in corporate sale-leasebacks, build-to-suits and the acquisition of single-tenant net lease properties, has announced the EUR102 million (USD119 million) sale-leaseback of three hypermarket properties located in Southern and Central France.
The portfolio comprises a total of 39,500 square metres (424,800 square feet) and is triple-net leased to Distribution Casino France, a wholly owned subsidiary of Casino Guichard-Perrachon (Casino), one of the largest food retailers in the world.
Christopher Mertlitz, Head of European Investments, WP Carey, says: “We are thrilled to continue our positive momentum in Europe with the completion of another off-market grocery retail sale-leaseback, an asset class which has proven its resilience during the Covid-19 pandemic. Sale-leasebacks enable companies to easily unlock the full value of their real estate and redeploy into their core businesses. We welcome the addition of these high-quality essential retail assets to our growing portfolio, and we look forward to building on our partnership with our newest tenant.”