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W.P. Carey (NYSE: WPC ) has ventured all the way to Central Europe for its latest acquisition. The company announced that one of its affiliates has purchased a distribution center operated by European clothing retailer H&M in the city of Poznan, Poland. The seller was Invesco Real Estate, and the price was roughly $85 million.
The center is an important facility for H&M, as it is that firm's distribution hub for the region. It is nearly 900,000 square feet in size, and is secured by a long-term, triple-net lease guaranteed by H&M.
These were key reasons why W.P. Carey made the deal. In the press release announcing the news, the company quoted its Managing Director Jeffrey Lefleur as saying, "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."