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.

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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.

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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.

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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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