W. P. Carey, a leading net lease REIT specialising in corporate sale-leasebacks, build-to-suits and the acquisition of single-tenant net lease properties, has announced the sale-leaseback of 123 retail stores in Poland. 114 stores were acquired in July, with the remaining nine stores acquired in September. The portfolio is triple-net leased to Żabka, a leading Polish convenience retailer, for a term of 20 years.
Christopher Mertlitz, Managing Director, Head of European Investments at W. P. Carey, will be a speaker at the upcoming CEE Property Forum 2024 in Vienna. Join us to learn more about this landmark transaction first-hand.
The portfolio consists of high-performing stores and is located throughout Poland in urban, high-traffic locations. The portfolio is triple-net leased for a term of 20 years with annual CPI-based rent increases.
Convenience retail continues to be a fast-growing sector due to a growing shift in consumer preferences toward smaller purchases made closer to home. The sector is also highly resilient and has remained insulated from wider challenges presented within the current economic environment.
Founded in 1998, Żabka is Poland’s leading modern convenience player. It has more than 10,500 stores located throughout the country, with approximately 3 million customers shopping at its stores daily.
Jolette Persson, Vice President at W. P. Carey, said: “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 Żabka as they grow their presence and footprint in the country.”
W. P. Carey has invested over €1.3 billion in Central Eastern Europe since its first investment in the region in 2006.
