W. P. Carey Inc. announced today that CPA®:17 - Global, one of its publicly held non-traded REIT affiliates, has acquired a logistics center of H&M Hennes & Mauritz AB (“H&M”) in Poznan, Poland from a fund managed by Invesco Real Estate. The total acquisition cost for the 83,325 m² facility was approximately €64 million.
The center is subject to a long-term, triple-net lease that is fully guaranteed by H&M. Located in Poznan, the second largest logistics market in Poland outside of Warsaw, the modern center is critical to the supply chain of H&M in Europe. It is H&M’s European distribution center for Eastern Europe, as well as its primary e-commerce and online-retail logistics hub for Europe.
H&M is the world’s 2nd largest clothing retailer, with approximately €14 billion in annual revenue. It operates in 48 countries, employing approximately 94,000 people.
Jeffrey Lefleur, Managing Director of W. P. Carey, said: “The acquisition marks our fourth European transaction this year overall, bringing total year-to-date investment in Europe to approximately €166 million. We were attracted to the long-term income provided by the lease, the strong guarantee of H&M and the high quality of the property.”
"We are pleased with the sale of the H&M Distribution Centre," commented Tomas Picha, Director of Transactions in CEE from Invesco Real Estate. "Our closing of this transaction confirms the high level of institutional interest in Polish assets with long term leases to strong tenants.”
Invesco Real Estate was represented by Colliers International in the transaction, who was retained to market the property for sale. Property agent Victorios acted on behalf of CPA®:17 – Global.
Source: W. P. Carey