NEW YORK, Sept. 10, 2014 /PRNewswire/ -- W. P. Carey Inc.
(NYSE: WPC), a global net-lease REIT specializing in corporate
sale-leaseback, build-to-suit financing and the acquisition of
single-tenant net-lease properties, announced today that
CPA®:17 – Global, one of its managed non-traded REITs,
has completed a sale-leaseback with Nokia Solutions and Networks
(NSN), a subsidiary of leading global communications and
information company Nokia Corporation. The office/R&D facility
is located in Krakow, Poland and
was acquired for approximately $13
million (€9.7 million).
Key facts:
- Strategic facility: Completed in 2003, the 53,377
square-foot facility houses approximately 300 engineers, computer
technicians and researchers who are working within Nokia's network
and telecom infrastructure division – which remains the core
business of Nokia following the sale of its mobile phone division
to Microsoft.
- Hi-tech location: The facility is
located in Poland's second largest
city, Krakow, which has emerged as "Eastern Europe's Silicon Valley." The city
supports a strong cluster of technology businesses and is home to
offices and R&D centers of Google, IBM, GE and
Hitachi. Neighboring buildings to the facility include
Motorola, Ericpol, the Jagiellonian University Library, Małopolska
Information Technology Park and the Krakow LifeScience Technology
Park and Bioincubator.
- Lease term: 10-year, triple-net lease.
- Credit-rated parent: Nokia has an equity market
capitalization of $27 billion (€20
billion), is listed on the NYSE (Ticker: NOK) and is rated "BB /
Positive Outlook" by S&P and Moody's.
Active in Europe since 1998,
W. P. Carey and its managed REITs
have invested approximately $4
billion (€3 billion) in the region. This transaction is
W. P. Carey's second in Poland this year; in April, W. P. Carey announced a $158 million (€115 million) acquisition of Bank
Pekao's headquarters in Warsaw on
behalf of two of its managed REITs.
Quotes:
Jeffrey
Lefleur, Managing Director of W. P.
Carey, commented:
"Nokia remains one of the world's leading telecom infrastructure
providers. The acquired facility is an important asset to
Nokia Solutions and Networks Polish operations. This
transaction highlights W. P. Carey's
ability to structure deals worldwide, providing long-term financing
for leading global businesses."
Mr. Lefleur added: "Poland is
the second largest economy in Central Eastern Europe with projected
GDP growth and a healthy and liquid banking industry. These
metrics, along with the strength of the Nokia tenancy and positive
outlook for the Krakow office market, enhanced the attraction of
this acquisition as a solid addition to CPA®:17 –
Global's portfolio."
W. P. Carey Inc.
Please visit
www.wpcarey.mediaroom.com for more information about W. P. Carey, to access our image and video
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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 CPA®:17 – 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. For
further information on factors that could
impact CPA®:17 – Global, reference is made
to CPA®:17 – Global's filings with the
Securities and Exchange Commission.
Company contact:
Kristina
McMenamin
W. P. Carey Inc.
212-492-8995
kmcmenamin@wpcarey.com
Press contact:
Guy
Lawrence
Ross & Lawrence
212-308-3333
gblawrence@rosslawpr.com
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SOURCE W. P. Carey Inc.