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.

For comments and feedback contact: editorial@rttnews.com

Business News

Editors Pick
The Goldman Sachs Group, Inc. (GS) reported that its third quarter net earnings applicable to common shareholders increased 63 percent year-on-year. Net revenues were also significantly higher reflecting significantly higher net revenues in Investment Banking, Global Markets and Consumer & Wealth Management,... Butterball, LLC recalled about 14,107 pounds of ground turkey products for potential contamination with foreign materials, specifically blue plastic material, the U.S. Department of Agriculture's Food Safety and Inspection Service (FSIS) said in a statement. Specialized Bicycle Components, Inc. is recalling about 6,900 units of Tarmac SL7 Bicycles and Framesets for potential risk of fall and injury hazard, a statement by the U.S. Consumer Product Safety Commission (CPSC) showed. The company said the bicycle's fork steerer tube can crack or break after harsh impact such as hitting a deep pothole or other stress event, posing fall and injury hazards.
Follow RTT