W P Carey buys Austrian garden centre from UK developer

W P Carey Inc, a real estate investment trust specialising in corporate sale-leaseback financing, build-to-suit construction financing and the acquisition of single-tenant net lease properties, has acquired a retail hypermarket and garden centre in Bad Fischau, Austria.

The centre was bought for €23.4 million from UK developer Richardson Capital.

It is net leased to the Austrian subsidiary of German DIY retailer, Hornbach Baumarkt AG. The facility will be net leased for a 15-year term with annual CPI-based rent escalations.

Hornbach Baumarkt AG is Europe's fifth-largest DIY retailer, operating 143 stores and garden centres across nine countries. It is a publicly-traded company with an equity market capitalisation of approximately €1.04 billion.

W P Carey managing director Jeffrey Lefleur said: "We are pleased to announce our first transaction in the Austrian property market, further demonstrating W P Carey's ability to evaluate and enter new markets.  With Hornbach as a quality tenant, the length of the net lease and the annual inflation escalation, the investment is consistent with our investment criteria and furthers our diversification strategy."

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