W.P. Carey Inc. announced today a build-to-suit financing transaction on behalf of CPA–Global, one of its managed REITs. The €13.6 million transaction will include 100% funding for the construction of a new two-building facility in the Netherlands for the global industrial company, Wärtsilä. The facility will comprise an office building and a training building, which will be the new global R&D centre for Wärtsilä’s Ship Power division, and their new Land & Sea Academy for the Netherlands.
W.P. Carey has partnered with local Dutch developer, M7 Group, on the project. Construction of the facilitywill begin shortly, with the majority of building-work completed within one year. Once completed, the facility will be leased to Wärtsilä on a long-term, net-lease. The facility will be located in Drunen, in the southern Netherlands. In this transaction W.P. Carey has been advised by 3stone Real Estate.