CPA:18 – Global REIT Acquires Office Campus in Rotterdam
- Dec 22, 2014
CPA:18 – Global, a non-traded REIT managed by W. P. Carey Inc., has acquired a two-building office campus in Rotterdam, Netherlands, in a sale-leaseback transaction with Royal Vopak, the world’s largest independent tank storage provider. W. P. Carey shelled out $86 million for the assets, which total approximately 188,300 square feet.
CPA: 18 snapped up quite a gem. “The property is well known in the market and located in a desirable section of Rotterdam,” Ralph van der Beek, director with W. P. Carey, told Commercial Property Executive.
The office complex includes a six-story low-rise building that will continue to be fully occupied by Royal Vopak under a new long-term lease agreement with the new ownership. The second structure, an 11-story multi-tenant office tower, is fully leased.
In addition to a credit tenant with a long-term lease, the campus also boasts a coveted location that should ensure continued success for the multi-tenant building.
“The Shipping Quarter is the only historic area in Rotterdam and one of the most prestigious locations in the city. There is little possibility for new [commercial] developments in the direct vicinity and the zoning is flexible and allows for residential development,” van der Beek added.
With CPA: 18’s purchase of the Royal Vopak property, W. P. Carey closes its second major transaction in the Netherlands this year. In April, CPA:17 – Global, another W. P. Carey-managed REIT, completed an $18.7 million build-to-suit financing deal for the development of a two-building facility for global industrial company Wartsila in Drunen, in the southern Netherlands.
It’s been quite a busy year across Europe for W. P. Carey. In February, CPA: 18 grabbed the new headquarters of Siemens AS in Oslo, Norway, for $90 million. And just two months later, CPA: 17 and CPA: 18 joined forces on the acquisition of the headquarters of Bank Pekao S.A. in Warsaw, Poland, in a $158 million sale-leaseback transaction.