WP Carey acquires €153m portfolio in the Netherlands

US sale-and-leaseback specialist WP Carey has announced the acquisition of a Do-It-Yourself (DIY) retail portfolio in the Netherlands from CRH for around €153 mln.

The portfolio comprises 36 assets and is triple-net leased to the Dutch DIY group Intergamma for a weighted average lease term of 15 years with annual inflation-based rent escalations tied to Dutch CPI (Consumer Price Index).

The transaction closed on 13 July, coinciding with Intergamma's acquisition of DIY retailer Van Neerbos Bouwmarkten (VNB).

The portfolio comprising approximately 141,000 m2 of leasable area, represents 80% of Intergamma's owned retail footprint following its acquisition of DIY retailer VNB . The portfolio covers all key regional locations across the Netherlands with a concentration in the Randstad region, home to more than 40% of the Dutch population and the Netherland's three largest cities — Amsterdam, Rotterdam and The Hague.

Arvi Luoma, head of European Investments at WP Carey, said: 'The Intergamma acquisition is a great example of a transaction that meets our established investment criteria and allows us to further diversify our portfolio with a market-leading tenant in a defensive industry that is largely insulated from e-commerce disruption. The critical operating assets are strategically located with easy access, excellent visibility and strong fundamental real estate value. This investment complements the existing strength of our European portfolio and brings long-term added value consistent with our broader diversification strategy.'

'We are pleased to have WP Carey as our new long-term landlord,' added Harm-Jan Stoter, CEO of Intergamma. 'Now is an exciting time in the history of Intergamma and as we look to progress our own business strategy, I take comfort in knowing WP Carey has the financial resources and local asset management team to support our current and future real estate needs.'


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