FRANCE – W.P. Carey Inc. has completed a $119 million sale-leaseback of three hypermarket properties in Southern and Central France.
The $119 million off-market sale equates to €102 million.
The 424,800-square-foot portfolio is triple-net leased to Distribution Casino France, a wholly-owned subsidiary of the food retailer, Casino Guichard-Perrachon. The grocery retail assets are triple-net leased with French CPI-based rent escalations and are secured by a parent guarantee.
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The retail assets are located in dense urban infill areas, where Distribution Casino France serves as a market leader.
"We are thrilled to continue our positive momentum in Europe with the completion of another off-market grocery retail sale-leaseback, an asset class which has proven its resilience during the COVID-19 pandemic," states Christopher Mertlitz, W.P. Carey's head of European investments. "Sale-leasebacks enable companies to easily unlock the full value of their real estate and redeploy into their core businesses. We welcome the addition of these high-quality essential retail assets to our growing portfolio, and we look forward to building on our partnership with our newest tenant."
Casino Guichard-Perrachon currently has 11,000 stores in France and Latin America. The retailer is the second largest e-commerce retailer in France.
Dedicated to sustainability, Distribution Casino France has committed to significantly reducing greenhouse gas emissions and electricity use by 2025. The company served as the only retailer included on The Wall Street Journal's "World's Top 100 Most Sustainably Managed Companies" list.
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Ingrid Tunberg
Ingrid Tunberg sits on the editorial team as a coordinator and reporter for Real Estate Forum and GlobeSt.com. She is responsible for writing stories, assisting with industry awards and marketing nomination events. Previously, Ingrid worked as a copywriter across various industries throughout New York City and Chicago.
