W. P. Carey Buys Adler Modemarkte HQ, Store

HAIBACH, Germany-W. P. Carey Inc. says its CPA(R):17 – Global, publicly-held non-traded REIT affiliates, has acquired the office headquarters and key retail facility of Adler Modemarkte. The total acquisition cost of the facilities was approximately $29 million (EUR 22M).Adler is one of Germany’s most prominent clothing retailers and has a leading position in the market for customers aged 45 and over. It operates 169 stores across German-speaking Europe with approximately 4,400 employees.

The facility comprises Adler’s headquarters and flagship store and will be subject to a 20-year, triple net lease. Located along an important retail corridor, the facility is a critical asset to Adler and additionally houses its central IT infrastructure and data centre.