New York-listed global property REIT WP Carey has acquired a portfolio of four automotive retail and service sites in the Netherlands for €29 mln in an off-market transaction.
The 18,700 m2 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.
Van Mossel will invest approximately €3.5 mln of the transaction proceeds into the facilities, highlighting the tenant's long-term commitment to the portfolio, WP Carey said.
'Consistent with our established investment criteria, the transaction demonstrates WP Carey's continued appetite to build on our portfolio in the region. We look forward to future opportunities to work with Van Mossel,' commented Christopher Mertlitz, director, WP Carey.
'We are pleased to have W. P. Carey as our new landlord and long-term partner as Van Mossel seeks to strengthen its position as a market leader,' said Eric Berkhof, Van Mossel's CEO.
WP Carey has been investing in the Netherlands since 2002 and has acquired approximately €700 mln of assets across a range of sectors and asset classes.