WP Carey has bought a portfolio of four automotive retail and service sites in the Netherlands for €29m (£25m). The sites total around 201,000 sq ft. The portfolio is triple-net leased to one of the largest Dutch automotive retail and leasing services providers for a term of 17 years. WP Carey has been investing in the Netherlands since 2002 and has acquired approximately €700m of assets there. Christopher Mertlitz, director at WP Carey, said: “We believe the acquisition complements the strength of our existing automotive portfolio and will generate strong risk-adjusted returns from a leading automotive company with steady cash flows from
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