W. P. Carey announces €22 mln acquisition of Adler Modemärkte headquarters and flagship store (DE)

W. P. Carey announced today that CPA®:17 - Global, one of its publicly-held non-traded REIT affiliates, has acquired the office headquarters and key retail facility of Adler Modemärkte (Adler) in Haibach, Germany. The total acquisition cost of the facilities was approximately €22 million.

Adler is one of Germany’s most prominent clothing retailers and has a leading position in the market for customers aged 45 and over. It operates 169 stores across German-speaking Europe with approximately 4,400 employees.

The facility comprises Adler’s headquarters and flagship store and will be subject to a 20-year, triple-net lease. Located along an important retail corridor, the facility is a critical asset to Adler and additionally houses its central IT infrastructure and data centre.

W. P. Carey was advised by Reed Smith on the transaction.

Source: W. P. Carey

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