W. P. Carey (WPC) Unit Acquires Eight Retail Stores in Croatia for $46M

December 27, 2012 8:12 AM EST Send to a Friend
W. P. Carey Inc. (NYSE: WPC) announced that CPA:17 - Global, one of its publicly held non-traded REIT affiliates, has acquired a portfolio of eight retail stores in Croatia.

The total acquisition price was approximately EUR 34.6 million ($46 million). The sites will be long-term, triple-net leased to Konzum, a subsidiary of Agrokor d.d. (S&P: "B / Positive Outlook").

With approximately EUR 4 billion in annual revenues and nearly 35,000 employees, Agrokor d.d. is the largest private company in Croatia and one of the leading food companies in Eastern Europe. Agrokor is Croatia's largest food and drink producer, processor, distributor and retailer.

Located in the towns surrounding Zagreb as well as in busy tourist destinations along the Adriatic Coast, the stores range from modern hypermarkets to smaller traditional supermarkets.


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