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.
Continue Reading for Free
Register and gain access to:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
*May exclude premium content
Already have an account?
Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.