This Day On The Street
Continue to site right-arrow
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

W. P. Carey Provides $92 Million In Sale-leaseback Financing To Agrokor Through Retail Portfolio Acquisition

Stocks in this article: WPC

NEW YORK, Dec. 19, 2013 /PRNewswire/ -- W. P. Carey Inc. (NYSE: WPC), a real estate investment trust ("REIT") specializing in corporate sale-leaseback financing, build-to-suit construction financing and the acquisition of single-tenant net-lease properties, announced today that CPA ®:17 – Global and  CPA ®:18 – Global, two of its publicly-held non-traded REIT affiliates, acquired five modern retail stores from Agrokor in Croatia.

(Photo: )

(Logo: )

Key facts:

  • Long term triple-net lease with strong tenant: Agrokor is Croatia's largest private company with approximately 40,000 employees. It is the country's largest food retailer, producer, processor, and distributor. In 2012, Agrokor generated approximately €4 billion in total revenues and €363 million in EBITDA. The five stores are leased to Konzum—the largest food retailer in Croatia and Agrokor's principal subsidiary—on a 20-year triple-net basis. Konzum controls 30% of the national food retailing market and 40% of the market in the capital city Zagreb.
  • Modern retail facilities: With a weighted-average age of approximately seven years, the portfolio consists of modern, class-A food retailing assets built to Western standards. Three assets are located in Zagreb with the two remaining stores located in the major coastal tourist destinations of Split and Zadar.
  • Acquisition cost: Approximately $92 million (€67 million) gross acquisition cost divided between CPA ®:17 – Global and CPA ®:18 – Global (20% and 80%, respectively), closed on an all-equity basis.


Jeffrey Lefleur, Managing Director of W. P. Carey Europe: "With this transaction closed, we have completed approximately $460 million (€350 million) of total European investment volume for 2013, many of which were all-cash acquisitions which utilized our large equity base.  We have successfully closed a range of long-term net-lease investments and sale-leasebacks across Europe this year, demonstrating our ability to source transactions at attractive yields in both established Western European markets as well as more challenging Eastern European markets."

Ivica Todoric, Founder and President of Agrokor: "While there is a trend among investors to reduce their exposure in Eastern Europe, W. P. Carey has continued to be a valuable long-term partner and alternative source of capital for Agrokor.  This relationship has become particularly important as we prepare for a potentially large acquisition and expansion in the region."

W. P. Carey Inc.

Celebrating its 40th anniversary, W. P. Carey Inc. is a publicly traded REIT (NYSE: WPC) that provides long-term sale-leaseback and build-to-suit financing for companies worldwide and owns and manages an investment portfolio totaling more than $15 billion. The largest owner/manager of net lease assets, WPC's corporate finance-focused credit and real estate underwriting process is a constant that has been successfully leveraged across a wide variety of industries and property types. Its portfolio of long-term leases with creditworthy tenants has an established history of generating stable cash flows that have enabled WPC to deliver consistent and rising dividend income to investors for nearly four decades.

1 of 2

Select the service that is right for you!

Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!


DOW 18,030.21 +6.04 0.03%
S&P 500 2,081.88 -0.29 -0.01%
NASDAQ 4,773.4720 +8.0480 0.17%

Brokerage Partners

Rates from

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs