W. P. Carey acquires €23.4 million retail facility leased to Hornbach
W. P. Carey, a real estate investment trust (REIT) specializing in corporate sale-leaseback financing, build-to-suit construction financing and the acquisition of single-tenant net lease properties, has acquired a retail hypermarket and garden centre in Bad Fischau, Austria for €23.4 million. The property was acquired from UK developer Richardson Capital and is net leased to the Austrian subsidiary of German Do-It-Yourself retailer, Hornbach Baumarkt AG.
Jeffrey Lefleur, Managing Director of W. P. Carey, said: “We are pleased to announce our first transaction in the Austrian property market, further demonstrating W. P. Carey’s ability to evaluate and enter new markets. With Hornbach as a quality tenant, the length of the net lease and the annual inflation escalation, the investment is consistent with our investment criteria and furthers our diversification strategy.”