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W. P. Carey Closes USD 33m Acquisition of Automotive Dealership Portfolio in the Netherlands
Thursday 08 November 2018

8 November 2018 - New York, US-based REIT W. P. Carey Inc. (NYSE: WPC) has closed the acquisition of a portfolio of four automotive retail and service sites, totaling approximately 201,000 square feet (18,700 square meters) in the Netherlands for approximately USD 33m (EUR 29m), the company said.

The portfolio is triple-net leased to Van Mossel Automotive Group, one of the largest Dutch automotive retail and leasing services providers, for a term of 17 years, and was completed in an off-market transaction.

Market-leading tenant: Founded in 1949, Van Mossel is one of the largest automotive dealership groups in the Netherlands.

The group has a diversified portfolio of premium and volume brands as well as a broad range of retail, leasing and service offerings, which provides business stability and resilience through market cycles.

Well-located, critical assets: The portfolio consists of four high-quality automotive retail and service sites located in prime locations along key thoroughfares near major urban centers in the Randstad region of the Netherlands, home to 40% of the country's population and its major business centers.

Van Mossel will invest approximately USD 4m (EUR 3.5m) of the transaction proceeds into the facilities, highlighting both the criticality of the portfolio and the tenant's long-term commitment to it.

Long-term net lease with built-in rent growth: The triple-net leased portfolio has a lease term of 17 years and includes annual inflation-based rent escalations tied to Dutch CPI.

Complements existing Netherlands portfolio: W. P. Carey has been investing in the Netherlands since 2002 and has acquired approximately USD 840m (EUR 700m) of assets across a range of sectors and asset classes.

This deal, along with other recent transactions, reflects W. P. Carey's continued confidence in the region.

Celebrating its 45th anniversary, W. P. Carey ranks among the largest diversified net lease REITs with an enterprise value of approximately USD 17bn and a portfolio of operationally-critical commercial real estate that includes 1,186 net lease properties covering approximately 133m square feet.

For over four decades the company has invested in high-quality single-tenant industrial, warehouse, office and retail properties subject to long-term leases with built-in rent escalators.

Its portfolio is located primarily in the US and Northern and Western Europe and is well-diversified by tenant, property type, geographic location and tenant industry.
Date Published: 08/11/2018
Target: Portfolio of four automotive retail and service sites
Country: Netherlands
Deal Size: 33m (USD)
Sector: Construction/Real Estate
Type: LBO
Financing: Cash
Status: Closed
Buyer: W. P. Carey Inc