Realty Income has completed a €93 million sale-leaseback transaction in Spain, consisting of seven properties under long-term net lease agreements with Carrefour and its real estate subsidiary Carrefour Property.
Realty Income, an S&P 500 US REIT company, said this transaction represents its debut real estate acquisition in Continental Europe.
“We are honored to announce our debut strategic expansion into Spain together with Carrefour, which represents a natural evolution of our international growth strategy with leading clients,” said Sumit Roy, President and Chief Executive Officer of Realty Income. “We are committed to our client-focused strategy and filling the need for a large-scale, well-capitalized institutional real estate partner offering a compelling growth opportunity for our future together. As we continue to expand our global platform in partnership with our clients, we believe we are ideally positioned in the global net lease market given our proven platform, scalability, access to and cost of capital, and ability to provide our clients a comprehensive solution to monetize the value of their real estate for future growth.”
“We are delighted with this transaction with a world-class investor. It reflects the value of our real estate portfolio, and exemplifies our dynamic asset policy, in line with the Group’s strategy,” said Lola Bañón, the General Manager for Carrefour Property in Spain.
The sale-leaseback transaction closed on September 16, 2021.