Agrokor sells five stores for EUR 67 million

Two subsidiaries of the U.S. investment fund W.P. Carey have bought five modern retail stores in Croatia from Agrokor for EUR 67 million.

These stores operate under the Konzum brand, which is the main branch of Agrokor corporation. Three of them are situated in Zagreb, one is in Split and one in Zadar, the media in Croatia have reported.

Konzum is the largest market chain in Croatia holding a share of about 30 percent on the Croatian retail market and as many as 40 percent on the Zagreb market.

According to Wall Street Journal, this transaction is completed using so-called leaseback model, meaning that Agrokor's owner Ivica Todoric sold his properties to Americans and then Konzume leased the properties back from them for a period of 20 years.