OSLO, Norway—Net lease specialist W. P. Carey Inc., has acquired a multi-tenant retail site in Oslo, Norway for approximately $105 million (NOK 815 million), including transaction costs, in a joint venture with Oslo-based developer Winta Eiendom AS.

The acquistion is made by WPC's CPA:18 – Global fund. The seller is the real estate division of Coop Norge AS (COOP), the second-largest grocery retailer and a leading "do-it-yourself" retailer in Norway. As a cooperative, COOP is owned by 133 local cooperatives with 1.4 million members.

"This transaction offered the opportunity for CPA:18 – Global to secure a high-quality retail asset in a prime Oslo location. Given the city's path of development and the strength of the existing tenancy at the site, we believe the investment offers attractive current cash flow as well as the opportunity for potential future development, said Jason Fox, head of global investments at Carey. “The deal also provided funding for Coop Norge, allowing them to access the current value of their real estate holdings as a means of funding growth and expansion opportunities.”