ROME-A REIT subsidiary of WP Carey & Co. LLC has acquired all the economic and voting interests in a fund that owns 20 stores leased to Metro Cash & Carry Italia SpA for about $400 million. The stores are similar to Wal-Mart or Costco Wholesale, but are only open for professional customers such as hotels, restaurants, caterers, traders and other business professionals, not the average consumer.

The non-traded REIT CPA:17-Global purchased the interest from Metro AG, the company that started the concept in Germany in 1964. The stores are primarily in the middle and northern part of Italy and represent half of the company’s total Italian portfolio. The company has 700 stores in 30 countries, and had $89 billion in revenue in 2010.

H. Cabot Lodge III, president and head of European investments for WP Carey, said in a statement that the transaction represents the New York City-based firm’s first investment in Italy. “We are delighted to be entering a new market,” he said. The management fund for the properties will be BNP Paribas Real Estate Investment.