Realty Income expands into mainland Europe

US REIT Realty Income Corporation has made its debut in continental Europe with the acquisition of a €93 mln supermarket portfolio in Spain.

The package involving seven assets has been bought from operator Carrefour and its property subsidiary, Carrefour Property, via a sale and leaseback agreement. The properties are located in Canarias, Valencia, Madrid, País Vasco, Navarra and Castilla y León.

'We are honored to announce our debut strategic expansion into Spain together with Carrefour, which represents a natural evolution of our international growth strategy with leading clients,' said Sumit Roy, President and Chief Executive Officer of Realty Income. 'We are committed to our client-focused strategy and filling the need for a large-scale, well-capitalized institutional real estate partner offering a compelling growth opportunity for our future together. As we continue to expand our global platform in partnership with our clients, we believe we are ideally positioned in the global net lease market given our proven platform, scalability, access to and cost of capital, and ability to provide our clients a comprehensive solution to monetize the value of their real estate for future growth.'

'We are delighted with this transaction with a world-class investor. It reflects the value of our real estate portfolio, and exemplifies our dynamic asset policy, in line with the Group's strategy,' said Lola Bañón, the general manager for Carrefour Property in Spain.

CBRE advised Carrefour on the transaction.


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