W.P. Carey acquired a retail hypermarket and garden center in Bad Fischau, Austria, from UK developer Richardson Capital for €23.4m. The property, located 48 km south of Vienna along the A2 motorway is net leased for 15 years to the Austrian subsidiary of German DIY retailer, Hornbach Baumarkt AG. This is W.P. Carey’s first acquisition on the Austrian property market. “With Hornbach as a quality tenant, the length of the net lease and the annual inflation escalation, the investment is consistent with our investment criteria and furthers our diversification strategy,” said Jeffrey Lefleur, managing director at W P. Carey.
