WP Carey has bought a portfolio of four automotive retail and service sites in the Netherlands for €29m (£25m).
The sites total around 201,000 sq ft.
The portfolio is triple-net leased to one of the largest Dutch automotive retail and leasing services providers for a term of 17 years.
WP Carey has been investing in the Netherlands since 2002 and has acquired approximately €700m of assets there.
Christopher Mertlitz, director at WP Carey, said: “We believe the acquisition complements the strength of our existing automotive portfolio and will generate strong risk-adjusted returns from a leading automotive company with steady cash flows from multiple revenue sources, including new and used car sales, leasing services, aftersales and repairs.
“Consistent with our established investment criteria, the transaction demonstrates WP Carey’s continued appetite to build on our portfolio in the region. We look forward to future opportunities to work with our tenant.”
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