Sale-and-leaseback specialist W P Carey has acquired eight Co-op Danmark grocery stores in Denmark.
The deal also includes three more stores which WP Carey will acquire when refurbishment work is completed later this year
The transaction follows a similar sale-leaseback deal of 11 of the Co-op’s stores in December 2021 and the investor now owns 19 of the Co-op’s stores in Denmark.
WP Carey said in a statement that the portfolio comprises established stores in dense urban locations and that strict Danish planning and licensing regulations make opening new retail stores difficult. The co-op is a leading brand in Denmark and has a 30% market share.
“This transaction will enable Coop to unlock the full value of its real estate, redeploying proceeds back into the business to fuel its strategic growth plan,” said Karolis Adlis, executive director, investments, WP Carey.