W. P. Carey completes second transaction with Eroski of Spain
17 Jun, 2010, Madrid
• This is the second transaction that WP Carey completes in Spain, also with Eroski
• Cushman & Wakefield is, again, the real consultant of the transaction
W. P. Carey & Co. LLC (NYSE: WPC), the global investment management company specialising in the provision of long term corporate sale leaseback and build to suit financing for companies, announced today that it has completed a second transaction with Eroski Sociedad Cooperativa of Spain.
Real estate consultant Cushman & Wakefield were transaction advisors to the parties.
W. P. Carey & Co. LLC and it’s publicly held non-traded REIT, CPA®:17 – Global, have acquired two warehouse logistics facilities in Elorrio and Mallorca, for a total consideration of €46 million ($55 million).This is the second transaction with Eroski in six months and brings the combined total of financing, provided by W. P. Carey to Eroski, to more than €120 million. The properties are leased to Eroski under a long term lease.
Established in 1969, Eroski is the third largest food and consumables retailer in Spain. Eroski operates more than 100 hypermarkets and 1200 supermarkets, franchises over 500 Aliprox fast-food outlets, and manages gas stations, drugstores and travel agencies.
The Eroski acquisitions are in addition to W. P. Carey’s recent sale-leaseback financings
provided to leading European retailers, including Agrokor, Tesco, and OBI, who have partnered
with W. P. Carey in order to release capital from their real estate.
C&W Leads investment market in Spain