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WP Carey inks $90m retail deal.

W. P. Carey & Co. LLC announced that two of its publicly held non-traded REIT affiliates CPA[R]: 16-Global and CPA[R]:--17 have provided $90 million in alternative long-term financing for supermarket giant, Tesco plc, through the sale and leaseback of Tesco's Hungarian logistics portfolio.

The transaction is the latest phase in Tesco's ongoing program to release value from its property portfolio. It is the largest and first significant investment deal in Hungary, in 2009. Tesco is the world's third largest retailer. It employs nearly 470,000 people across 4,300 stores worldwide.

Jeffrey Lefleur, director for W. P. Carey, noted, "We are very pleased to have proven our capacity as a global sale-leaseback financing provider, particularly as the capital markets remain quite difficult.

"Given our risk management-driven investment strategy and portfolio diversification criteria, we could not have asked for a more suitable counterparty than a market-leading company like Tesco for our first deal in Hungary."

Tesco was represented by Cushman & Wakefield. W. P. Carey was advised by King Sturge.
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Title Annotation:On The Real Estate Scene
Comment:WP Carey inks $90m retail deal.(On The Real Estate Scene)
Publication:Real Estate Weekly
Date:Aug 5, 2009
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