ROTTERDAM—W.P. Carey Inc. 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.
"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,” says Jeffrey Lefleur, WPC managing director. “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."
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.
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.
The facility is net leased for a 10-year term with annual CPI rent escalations.
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David Phillips
David Phillips is a Chicago-based freelance writer and consultant with more than 20 years experience in business and community news. He also has extensive reporting experience in the food manufacturing industry for national trade publications.
