W. P. Carey, a net lease REIT specializing in corporate sale-leasebacks, has acquired three hypermarket properties located in Southern and Central France for $119 million (€102 million) in a sale-leaseback transaction.
The hypermarket portfolio comprises a total of 424,800 square feet (39,500 square meters) and is triple-net leased to Distribution Casino France, a wholly owned subsidiary of Casino Guichard-Perrachon (Casino), one of the largest food retailers in the world.
“We are thrilled to continue our positive momentum in Europe with the completion of another off-market grocery retail sale-leaseback, an asset class which has proven its resilience during the COVID-19 pandemic. Sale-leasebacks enable companies to easily unlock the full value of their real estate and redeploy into their core businesses. We welcome the addition of these high-quality essential retail assets to our growing portfolio, and we look forward to building on our partnership with our newest tenant,” said Christopher Mertlitz, Head of European Investments, W. P. Carey.