CPA:18 - Global Announces EUR 69 Million Acquisition of City Center Rotterdam Office Towers
-- 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.
Please visit www.wpcarey.mediaroom.com for more information about W. P. Carey, to access our image and video libraries and to follow us on social media.
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
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