W. P. Carey Reports Acquisition Of H&M Distribution Center In Poland

(RTTNews) - W. P. Carey Inc. (WPC), a real estate investment trust, reported that CPA:17 - Global, one of its publicly held non-traded REIT affiliates, has acquired a logistics center of H&M Hennes & Mauritz AB in Poznan, Poland from a fund managed by Invesco Real Estate. The total acquisition value for the 896,911 sq ft. facility was around $85 million, or 64 million euros.

The center is subject to a long-term, triple-net lease that is fully guaranteed by H&M. Located in Poznan,, the modern center is critical to the supply chain of H&M in Europe. It is H&M's European distribution center for Eastern Europe, as well as its primary e-commerce and online-retail logistics hub for Europe.

Jeffrey Lefleur, Managing Director of W. P. Carey, said, "The acquisition marks our fourth European transaction this year overall, bringing total year-to-date investment in Europe to approximately $217 million (€166 million). We were attracted to the long-term income provided by the lease, the strong guarantee of H&M and the high quality of the property."