CPA:18 - Global Expands European Footprint with Dutch Banking Group Rabobank Transaction
-- €86.1 million build-to-suit in line with long-term investment strategy
LONDON, Feb. 3, 2015 /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 entered into a build-to-suit transaction for a Class-A office building which will serve as Rabobank's headquarters in Eindhoven, Netherlands. CPA®:18 – Global has partnered with experienced Dutch developer OVG on the construction of the facility, which is scheduled for completion by the first quarter of 2017.
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Key Facts
- Strong credit: Rabobank is diversified across a mix of mature and developing markets with a focus on stable retail banking and the agricultural sectors. It is rated Aa2 by Moody's, A+ by S&P and AA- by Fitch.
- High quality tenant: Rabobank is a globally active Dutch banking and financial services company with origins dating back to 1898. With a presence in over 40 countries, Rabobank has more than 11 million customers worldwide.
- Critical facility: The facility will be a brand new Class-A facility located at Rabobank's current Eindhoven headquarters site, which they have occupied for more than 40 years, and will form one of two global headquarters for the Dutch banking group. The site is located in a prime area of Eindhoven's city centre, opposite the central station.
- Multi-tenant capacity: The building has been designed with potential future multi-tenanting in mind, with each floor divisible into four independent units. It has two entrances and access to every floor from its two cores.
Management Commentary
Jennifer Lucas, Executive Director of W. P. Carey in Europe, said:
"This acquisition is a strategic addition to CPA®:18 – Global's growing portfolio and once again demonstrates our ability to provide 100% financing to leading developers. In this case, we have enabled OVG to deliver a critical building for a prestigious corporation."
Jan Hein Lakeman, Boardmember OVG Netherlands, said:
''W. P. Carey has an excellent track record, particularly as a long-term investor. We are extremely pleased with the professionalism and dynamism demonstrated in the conclusion of this purchase.''
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 Ms. Lucas 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 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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