W. P. Carey Inc., a real estate investment trust (REIT) announced 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.
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.
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 center, opposite the central station.
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.
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, Board Member 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.''
Source: W.P. Carey