Real estate investment trust WP Carey has completed a US$32 million sale and leaseback deal for 123 convenience stores in Poland.
The 146,930 square feet portfolio is triple-net leased to Polish retailer Zabka for 20 years.
Jolette Persson, Vice President, Investments, at WP Carey, says, “We are thrilled to complete this sale-leaseback of a high-quality convenience store portfolio leased to a leading tenant with strong brand recognition. This deal is a prime example of our ability to successfully transact in a fast-growing subsector while staying true to our long-term investment philosophy. We are pleased to continue expanding our presence in essential retail in Poland and look forward to continuing our partnership with Zabka as they grow their presence and footprint in the country.”
Retail currently accounts for about 22% of the REIT’s portfolio. WP Carey now has more than €1.3 billion invested in the CEE region.
In July, 114 of the convenience stores were bought, with the rest acquired in September.
Zabra Group now has 10,880 stores in Poland.
