W. P. Carey Website - May 5, 2010
W. P. Carey & Co. LLC (NYSE: WPC), a global investment management company that provides long term asset-based and build to suit financing for companies, announced today that CPA®:17 – Global one of its publicly held non-traded REIT affiliates, has acquired two office and logistics facilities in Zagreb, Croatia. The transaction is W. P. Carey’s first in Croatia and is for a total consideration of €77 million ($101 million), including acquisition fees. The two properties comprise the office headquarters and national distribution center of Konzum, the largest food retailer in Croatia and a subsidiary of Agrokor.
Founded in 1976, Agrokor is the largest private company in Croatia. Agrokor is the largest company in the Adria region and one of the largest among its peers in CEE. A vertically-integrated business with nearly 40,000 employees and almost €4 billion in revenues, it is Croatia’s largest food producer, largest food processor, largest food distributor, and largest food retailer.
Jeffrey Lefleur, Executive Director of W. P. Carey, said:
“As one of the largest real estate transactions in Eastern Europe in the last three years, the acquisition is further indication of W. P. Carey’s ability to provide long term capital to companies based in capital-constrained regions on the Continent.
“Given Agrokor’s dominance of the agribusiness industry and history of successful acquisitions and growth, this was an ideal situation for us to enter the Croatian market. Having its strategically critical operating assets on a long term lease is consistent with our investment strategy.”
Ivica Todoric, Founder and President of Agrokor, said:
“This transaction with W. P. Carey allowed us to structure a deal that meets our short term commitments while supporting our longer term goals.”
King Sturge was the real estate advisor to the transaction.
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