Sale and leaseback at Obi

Obi has entered into a sale and leaseback agreement with the US property investment firm W. P. Carey International LLC. The deal, worth US $ 200 mio (€ 170 mio), covers 18 sites throughout Poland, according to the company. These comprise 15 existing DIY stores, including the Polish headquarters in Warsaw, two stores currently under construction and one site that is ready for development. Obi will use the funds generated by the transaction for further expansion in Central and Eastern Europe. Obi CEO Sergio Giroldi commented that the company had decided on this financing option “because this alternative best suits our business strategy and will allow us to concentrate on our core competencies instead of on real estate.”