W. P. Carey Inc., 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®
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 approx. €69 million.
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.
Jason Fox, Co-head of Global Investments of W. P. Carey, said: “This acquisition by CPA®
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.”
Source: W.P. Carey