-- Transaction adds high-quality sustainable assets to
CPA:18 - Global portfolio
LONDON, Dec. 19, 2014 /PRNewswire/ -- W. P. Carey Inc.
(NYSE: WPC), a real estate investment trust (REIT) specializing in
corporate sale-leaseback financing, build-to-suit construction
financing and the acquisition of single-tenant net-lease
properties, announced today that CPA®:18 –
Global, one of its managed non-traded REITs, has acquired a single
tenant office building and an adjacent multitenant high-rise tower
in Rotterdam, Netherlands for
approximately €69 million.
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Key Facts
- Industry leading tenant with strong credit: The single
tenant office building will be leased to the world's largest
independent tank storage provider, specializing in the bulk storage
and handling of liquid chemicals, gasses and oil
products.
- High-quality, sustainable assets: The two-building
complex consists of a six-story low-rise tower and an 11-story
high-rise tower. The low-rise tower was renovated in 2012 as Royal
Vopak's global headquarters and received a GreenCalc A+ score for
environmental efficiency. State-of-the-art sustainability
technologies have been used in both buildings, including efficient
lighting systems with daylight-dependent light control and motion
detection.
- Desirable location: The property is well known in the
market and is uniquely located on the northern shore of the river
Maas in the city of Rotterdam. The
complex consists of two separate buildings and meets modern Dutch
occupier requirements, making the offices suitable for flexible
workplaces.
- Long lease term: The low-rise tower will be leased back
to Royal Vopak on a long-term basis.
Management Commentary
Jason Fox, Co-head of Global
Investments of W. P. Carey,
said:
"This acquisition by CPA®:18 – Global marks
the second major transaction by one of our managed REITs in
the Netherlands this year. The
investment further reinforces our role as a capital source for
European companies, developers and investors looking to recycle
capital into new investments. The long-term lease commitment,
coupled with the inherent value of the asset itself, is
representative of the criteria we look for when sourcing and
structuring portfolio acquisitions."
W. P. Carey Director, Ralph van der
Beek, added:
"Through our network of European contacts, we were able to draw
on our previous investing experience in the Netherlands as well as other parts of
Europe to access this attractive
investment opportunity."
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.
Fox and Mr. van der Beek are
examples of forward looking statements. A number of factors could
cause CPA®:18 – Global'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; and risks
related to CPA®:18 – Global's offering of
shares. For further information on factors that could
impact CPA®:18 – Global, reference is made
to CPA®:18 – Global's respective filings with
the Securities and Exchange Commission.
W. P. Carey Inc. contacts:
Europe
Dan de Belder/Emma Kent/Kashara
Taylor
+44 203-772-2500
ddebelder@bell-pottinger.com
US
Guy Lawrence
+ 1 212-308-3333
gblawrence@rosslawpr.com
Kristina McMenamin
+ 1 212-492-8995
kmcmenamin@wpcarey.com