{"id":1004088885,"date":"2013-12-20T09:13:46","date_gmt":"2013-12-20T17:13:46","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004088885"},"modified":"2022-12-09T02:51:03","modified_gmt":"2022-12-09T10:51:03","slug":"w-p-carey-acquires-92m-retail-portfolio-in-croatia-from-agrokor","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/w-p-carey-acquires-92m-retail-portfolio-in-croatia-from-agrokor\/","title":{"rendered":"W. P. Carey Acquires $92M Retail Portfolio in Croatia from Agrokor"},"content":{"rendered":"<p><i>By Adriana Pop, Associate Editor<\/i><\/p>\n<p><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2013\/12\/Konzum-retail-center.jpg\"><img loading=\"lazy\" decoding=\"async\" data-attachment-id=\"1004088902\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/w-p-carey-acquires-92m-retail-portfolio-in-croatia-from-agrokor\/konzum-retail-center\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2013\/12\/Konzum-retail-center.jpg\" data-orig-size=\"471,298\" data-comments-opened=\"1\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;}\" data-image-title=\"Konzum retail center\" data-image-description=\"\" data-image-caption=\"\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2013\/12\/Konzum-retail-center.jpg?w=471\" class=\"alignleft size-medium wp-image-1004088902\" alt=\"Konzum retail center\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2013\/12\/Konzum-retail-center.jpg\" width=\"300\" height=\"189\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2013\/12\/Konzum-retail-center.jpg 471w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2013\/12\/Konzum-retail-center.jpg?resize=300,190 300w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><\/a>In a $92 million sale-leaseback deal, W. P. Carey has purchased five retail stores from Agrokor in Croatia.<\/p>\n<p>The acquisition cost of the assets has been divided between two of W. P. Carey\u2019s publicly-held non-traded REIT affiliates, Corporate Property Associates 17 \u2013 Global Incorporated (or CPA\u00ae:17 \u2013 Global) and Corporate Property Associates 18 \u2013 Global Incorporated (or CPA\u00ae:18 \u2013 Global), on a 20 percent and 80 percent ratio, respectively.<\/p>\n<p>Three of the properties are located in the capital city of Zagreb, while the remaining two stores are located in the major coastal tourist destinations of Split and Zadar.<\/p>\n<p>The entire portfolio is leased to Konzum \u2013 the largest food retailer in Croatia and Agrokor&#8217;s principal subsidiary \u2013 on a 20-year triple-net basis. Konzum controls 30 percent of the food retail industry in Croatia and 40 percent of the market in the nation\u2019s capital city.<\/p>\n<p>&#8220;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.\u00a0 This relationship has become particularly important as we prepare for a potentially large acquisition and expansion in the region,&#8221; Ivica Todoric, Agrokor\u2019s founder &amp; president, said in a news release.<\/p>\n<p>With approximately 40,000 employees, Agrokor is Croatia&#8217;s largest private company. The company is also the country&#8217;s largest food retailer, producer, processor, and distributor. In 2012, Agrokor generated approximately \u20ac4 billion (nearly $5.46 billion) in total revenues and \u20ac363 million (about $495 million) in EBITDA (earnings before interest, taxes, depreciation, and amortization).<\/p>\n<p>&#8220;With this transaction closed, we have completed approximately $460 million (\u20ac350 million) of total European investment volume for 2013, many of which were all-cash acquisitions which utilized our large equity base.\u00a0 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,&#8221; added Jeffrey Lefleur, managing director of W. P. Carey Europe.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>In a $92 million sale-leaseback deal, W. P. Carey has purchased five retail stores from Agrokor in Croatia. <\/p>\n","protected":false},"author":260,"featured_media":1004088902,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[16,21783,21742,21749],"tags":[],"class_list":["post-1004088885","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-international","category-investment","category-latest","category-retail"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>W. P. 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