W. P. Carey Inc. Acquires $43 Million Logistics Facility in Port of Rotterdam Net Leased to Nippon Express
Feb 12, 2015
NEW YORK, Feb. 12, 2015 /PRNewswire/ -- W. P. Carey Inc. (NYSE: WPC), a real estate investment trust specializing in corporate sale-leaseback financing, build-to-suit construction financing and the acquisition of single-tenant net lease properties, announced today that it has acquired a logistics facility in the Port of Rotterdam, Netherlands, for approximately $43 million (€38 million). The facility is net leased to the European subsidiary of third-party logistics provider Nippon Express Co. Ltd. and was purchased from the developer, Borghese Logistics, which completed construction of the building in October 2014.
- High quality, well-rated tenant: Based in Tokyo, Nippon Express is the fourth largest third-party logistics company in the world, with approximately $17 billion in revenues and operations across 40 countries. Publicly listed on the Tokyo stock exchange, Nippon Express is rated AA- by Japanese credit rating agency R&I.
- Critical, modern asset in strategic location: The modern 760,000 square-foot facility was completed in October 2014 and constructed to high logistics specifications, earning BREEAM certification for sustainability. It is located in the Port of Rotterdam, Europe's largest port and logistics hub, in the Maasvlakte submarket, which recently benefited from the completion of a 10-year port expansion project.
- Long-term net lease with growth: The facility is net leased for a 10-year term with annual CPI rent escalations.
Jeffrey Lefleur, Managing Director of W. P. Carey, said:
"The Port of Rotterdam is Europe's largest port, linking cargo ship arrivals from around the world to the road and rail networks of Europe. This transaction reflects our focus on acquiring critical, high-quality assets in strategic locations that can generate stable current income and add long-term value to W. P. Carey's portfolio."
W. P. Carey Inc.
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This press release contains forward-looking statements within the meaning of the Federal securities laws. The statements of Mr. Lefleur are examples of forward looking statements. A number of factors could cause W. P. Carey's actual results, performance or achievement to differ materially from those anticipated. Among those risks, trends and uncertainties are the general economic climate; the supply of and demand for office and industrial properties; interest rate levels; the availability of financing; and other risks associated with the acquisition and ownership of properties, including risks that the tenants will not pay rent, or that costs may be greater than anticipated. For further information on factors that could impact W. P. Carey, reference is made to its filings with the Securities and Exchange Commission.
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SOURCE W. P. Carey Inc.