Property Funds World - February 18, 2010
W. P. Carey’s real estate investment trust affiliate CPA:17 – Global has completed the second tranche of a EUR74m (USD104m) corporate sale leaseback transaction with Eroski Sociedad Cooperativa.
The second tranche, totalling EUR36m (USD50m), is for the purchase of 16 retail facilities from the Spanish supermarket operator.
The first tranche, totalling EUR38m (USD54m) and comprising 13 sites, closed in December last year.
The properties are leased to Eroski under a long term lease. Financing for the investment was provided by Eurohypo.
Established in 1969, Eroski is the third largest food and consumables retailer in Spain. It operates more than 100 hypermarkets and 1,200 supermarkets, franchises over 500 Aliprox fast-food outlets, and manages gas stations, drugstores and travel agencies.
Eroski is the latest European retailer, following transactions with Tesco, OBI and Hellweg, to partner with W. P. Carey in order to release capital from their real estate.
Jeffrey Lefleur (pictured), executive director of W. P. Carey, says: "The closing of this financing further demonstrates W. P. Carey's ability to provide sale-leaseback financing in Spain and highlights our goal of providing defensive, risk management-driven investments for our investors in a breadth of different companies throughout Europe. Our global investment strategy and depth of capital resources will allow us to continue to provide long term financing to corporate real estate owners at a time when more traditional sources of financing are not available."
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