W. P. Carey announces $41 million acquisition of Innovation Center in the
NEW YORK, July 15, 2013
NEW YORK, July 15, 2013 /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^®: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 ($41
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Royal FrieslandCampina is the fourth largest dairy company in Europe and the
fifth largest in the world. The company has approximately 20,000 employees
across 28 countries and generated €10.3 billion ($13.4 billion) in revenue in
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,
Kees Gielen, Chief Financial Officer of RFC, said: "Hurks has successfully
developed our new Innovation Center, 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."
W. P. Carey Inc.
Celebrating its 40th anniversary, W. P. Carey Inc. is a publicly traded REIT
(NYSE: WPC) that provides long-term sale-leaseback and build-to-suit financing
for companies worldwide and owns and manages an investment portfolio totaling
approximately $15.2 billion. Active in Europe since 1998, European assets
comprise approximately $3.6 billion (€2.7 billion) of its global portfolio.
The largest owner/manager of net lease assets, WPC's corporate finance-focused
credit and real estate underwriting process is a constant that has been
successfully leveraged across a wide variety of industries and property types.
Its portfolio of long-term leases with creditworthy tenants has an established
history of generating stable cash flows that have enabled WPC to deliver
consistent and rising dividend income to investors for nearly four decades.
This press release contains forward-looking statements within the meaning of
the Federal securities laws. The statements of Mr. Lefleur are examples of
forward looking statements. A number of factors could cause the CPA^®:17 –
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. For further information on factors that could impact CPA^®:17 -
Global, reference is made to CPA^®:17 – Global's filings with the Securities
and Exchange Commission.
COMPANY CONTACT: PRESS CONTACT:
Cheryl Sanclemente Guy Lawrence
W. P. Carey Inc. Ross & Lawrence
SOURCE W. P. Carey Inc.
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