ELORRIO, SPAIN-WP Carey Co. has purchased two industrialproperties for retailer Eroski Sociedad Cooperativa in asale-leaseback transaction. The New York City-based firm bought thetwo logistic properties, here and in Mallorca, Spain, for $53.4million.


The two properties are leased to Eroski under long-term leases,with the local asset being the retailer’s largest logistic hub.This is the second sale-leaseback with Eroski in the past sevenmonths, said a WP spokesman, bringing the total company-ownedproperty leased to the Spanish retailer to about $157 million.Cushman & Wakefield assisted in the transaction.


Jeffrey LeFleur, executive director with WP Carey, said thecompany’s SLB business model allows the firm to ignore Spain’scurrent financial difficulties. “Our long-term investmentperspective allows us to look beyond shorter-term economic marketfluctuations and evaluate the longer-term prospects of companiesseeking sale-leaseback financing alternatives,” he said in astatement.


The two properties are critical to Eroski’s operations and arein economically strong regions of the country, LeFleur said. Eroskioperates more than 100 hypermarkets and 1,200 supermarkets;franchises more than 500 Aliprox fast-food outlets and manages gasstations, drugstores and travel agencies.

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