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W.P. Carey Acquires 36-property Portfolio In The Netherlands For $178 Mln

W. P. Carey Inc. (WPC), said it has acquired a 36-property "Do-It-Yourself" or DIY retail portfolio in the Netherlands from CRH plc (CRH,CRH.L) for about $178 million, or 153 million euros.

The portfolio is triple-net leased to the Dutch DIY group Intergamma B.V. for a weighted average lease term of 15 years. The transaction closed on July 13, simultaneously with Intergamma's acquisition of DIY retailer Van Neerbos Bouwmarkten or VNB.

Operating under the Gamma and Karwei brands, Intergamma and its franchisee-shareholders represent the leading DIY retailer in the Netherlands, with a history dating back more than 85 years.

The 36-asset portfolio, comprising approximately 1.5 million square feet, or 141,000 square meters, of leasable area, represents about 80 percent of Intergamma's owned retail footprint following its acquisition of DIY retailer VNB and is critical to its ongoing operations.

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