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