W. P. Carey Inc. , announced today that CPA®:17 - Global, one of its publicly held non-traded REIT affiliates, has acquired the new European Innovation Center of Royal FrieslandCampina in the Netherlands. The total acquisition cost of the facility was approximately €31 million.
Royal FrieslandCampina is the fourth largest dairy company in Europe and the fifth largest in the world. The company employs approximately 20,000 personnel across 28 countries and generated €10.3 billion in revenue in 2012.
Construction of the new facility was completed in July 2013 by development and construction company, Hurks. Situated on the campus of the Wageningen University and Research Center, the facility is located within a region known as the Dutch 'Food Valley,' where many international food companies, as well as life science, bio-science, and agribusiness R&D, is concentrated.
Jeffrey Lefleur, Managing Director of W. P. Carey, said: “The transaction marks our second deal in the Netherlands this year overall and supports our business model of acquiring critical operating assets on long-term, single-tenant net-leases.”
Kees Gielen, Chief Financial Officer of RFC, said: “Hurks has successfully developed our new Innovation Centre, and we look forward to the cooperation with CPA®:17 - Global as the new landlord. This will allow us to achieve a significant consolidation of our European R&D into a single location.”
Source: W. P. Carey