WP Carey acquires Dutch retail portfolio for €153m

WP Carey acquires Dutch retail portfolio for €153m

W. P. Carey has acquired a 36-property “Do-It-Yourself” (DIY) retail portfolio in the Netherlands from CRH for approximately €153m. The portfolio is triple-net leased to Intergamma for a weighted average lease term of 15 years. 

 

The 36-asset portfolio, comprising approximately 141,000m² of leasable area, represents approximately 80% of Intergamma’s owned retail footprint following its acquisition of DIY retailer VNB and is critical to its ongoing operations. The portfolio covers all key regional locations across the Netherlands with a concentration in the Randstad region, home to more than 40% of the Dutch population and the Netherland’s three largest cities — Amsterdam, Rotterdam and The Hague.

 

Arvi A. I. Luoma, Head of European Investments at W. P. Carey, said: "The Intergamma acquisition is a great example of a transaction that meets our established investment criteria and allows us to further diversify our portfolio with a market-leading tenant in a defensive industry that is largely insulated from e-commerce disruption. The critical operating assets are strategically located with easy access, excellent visibility and strong fundamental real estate value. This investment complements the existing strength of our European portfolio and brings long-term added value consistent with our broader diversification strategy. Over our 20-year history of investing in Europe, we have built a well-diversified portfolio that spans multiple industries and property types. Our ability to identify and structure complex deals, including transactions of this size and scope, together with our long-term investment outlook, continues to distinguish us from others in the market.”

 

Gino Sabatini, Head of Investments at W. P. Carey, said: "Our recognised expertise in both North America and Europe provides us with access to a wider pool of potential acquisitions than many of our peers and has allowed us to source and execute on attractive acquisitions in all phases of the market cycle. As we have throughout our 45-year history, we will continue to identify organisations looking to realise the value of their operating assets by working with an established, stable and well-capitalised sale-leaseback partner.”

 

Harm-Jan Stoter, CEO of Intergamma, said: “We are pleased to have W. P. Carey as our new long-term landlord. Now is an exciting time in the history of Intergamma and as we look to progress our own business strategy, I take comfort in knowing W. P. Carey has the financial resources and local asset management team to support our current and future real estate needs.”

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