W. P. Carey Inc., a real estate investment trust specializing in corporate sale-leaseback financing, build-to-suit construction financing and the acquisition of single-tenant net lease properties, has acquired a logistics center in the Port of Rotterdam, for approximately $43 million (€38 million), the company said in its press release.
The 70,000 m2 (760,000 square-foot) large facility is net leased to the European subsidiary of third-party logistics provider Nippon Express and was purchased from the developer, Borghese Logistics, which completed construction of the building in October 2014.
Jeffrey Lefleur, Managing Director of W. P. Carey, said: "The Port of Rotterdam is Europe's largest port, linking cargo ship arrivals from around the world to the road and rail networks of Europe. This transaction reflects our focus on acquiring critical, high-quality assets in strategic locations that can generate stable current income and add long-term value to W. P. Carey's portfolio."