US investor Realty Income Corporation has bought its first properties in continental Europe, through a €93m (£80m) Carrefour sale-and-leaseback portfolio in Spain.
The portfolio has seven properties with long-term net lease agreements.
Sumit Roy, president and chief executive of Realty Income, said the deal represented a “natural evolution” of Realty’s international growth strategy with “leading clients”. Its longstanding investment criteria is to partner with major operators that “carry limited cash flow volatility and consistent sales trends throughout a variety of economic cycles”.
Roy said: “We are committed to our client-focused strategy and filling the need for a large-scale, well-capitalised institutional real estate partner offering a compelling growth opportunity for our future together.
“As we continue to expand our global platform in partnership with our clients, we believe we are ideally positioned in the global net lease market given our proven platform, scalability, access to and cost of capital, and ability to provide our clients a comprehensive solution to monetise the value of their real estate for future growth.”
Lola Bañón, general manager of Carrefour Property in Spain, said the transaction “reflects the value of our real estate portfolio, and exemplifies our dynamic asset policy”.
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