ROTTERDAM, Netherlands—W.P. Carey Inc. has committed about $86 million to acquire a single-tenant office building and an adjacent multi-tenant high-rise tower here for one of its REIT's.
The acquisition is on behalf of the firm's CPA:18 – Global, one of its managed non-traded REITs.
"This acquisition by CPA:18 – Global marks the second major transaction by one of our managed REITs in the Netherlands this year,” said Jason Fox, co-head of global investments of W. P. Carey. “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."
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.
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.
"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," director, Ralph van der Beek noted.
The low-rise tower will be leased back to Royal Vopak on a long-term basis.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. Because the complex consists of two separate buildings and meets modern Dutch occupier requirements, it is especially suitable for flexible workplaces.
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