New York-listed REIT acquires £51m pair of Morrisons supermarkets
New York-listed real estate investment trust (REIT) W. P. Carey has acquired a pair of Morrisons supermarkets and associated petrol stations in the UK for £51m.
The two stores – located in Loughborough, Leicestershire, and Ilkeston, Derbyshire – are both leased to the supermarket retailer on a triple-net basis, with built-in rental growth.
These acquisitions build on W. P. Carey’s existing relationship with the retailer. The REIT previously acquired a Morrisons supermarket and adjacent petrol station in January 2024 before acquiring another supermarket along with a McDonald’s drive-through in December 2024.
Christopher Mertlitz, head of European investments at W. P. Carey, said: “We are pleased to build on our relationship with Morrisons, acquiring another set of high-quality grocery assets. This investment aligns with our core strategy of acquiring essential, well-located real estate backed by market-leading tenants and it underlines our confidence in the strength and growth potential of the U.K. grocery sector.”