W. P. Carey Inc. announced today that it has acquired the research and development and class-A office facilities of Cargotec Corporation in Tampere, Finland, which are subject to a 20-year triple-net lease with the company. The total acquisition cost of the 17,054 m² (approx. 183,569 ft²) facility was approximately €40 million (approx. $52 million).
Cargotec is a Finnish public company that develops and manufactures cargo-handling machinery for ships, ports, terminals and local distribution. Cargotec’s products are used in every major port around the globe and on half of the world’s oceangoing fleet. It operates in 120 countries, employs approximately 10,000 personnel globally and generated more than €3.3 billion ($4.3 billion) in revenues in 2012.
The facility was completed in December 2012 as a ‘Technology and Competence Centre’ dedicated to research and development of energy-efficient, safe and intelligent machinery and automation solutions. The facility is located in an established office and industrial region of Tampere, near the Tampere University of Technology, the leading technical university in Finland. Tampere is the largest inland city in the Nordics and the third largest city in Finland.
Arvi Luoma, Director of W. P. Carey, said: “Cargotec is a leading global industry player which is well capitalized and has remained profitable, despite the financial crisis. The Technology and Competence Centre we’ve acquired is located in a key industrial and office region in Finland and is very significant to the company’s business. We are pleased to support Cargotec’s future growth through our investment in these facilities while at the same time adding long-term, income-generating assets to our portfolio and investing in an AAA-rated country.”
Source: W.P. Carey