× Main Page Fashion Lifestyle Sport Home Travel Real Estate Business
Social Responsibility Environment Education Innovations Retail Design Photography
Brands Lists
× Main Page Fashion Lifestyle Sport Home Travel Real Estate Business
Social Responsibility Environment Education Innovations Retail Design Photography
Brands Lists

BUSINESS - COMPANY NEWS

W. P. Carey Inc. Enters into Agreement to Expand Nippon Express Logistics Facility in the Netherlands

Tuesday, June 12, 2018

W. P. Carey Inc. Enters into Agreement to Expand Nippon Express Logistics Facility in the Netherlands

W. P. Carey Inc. Enters into Agreement to Expand Nippon Express Logistics Facility in the Netherlands

BUSINESS - COMPANY NEWS

Source : W. P. Carey Inc.

Facebook Share Twitter Tweet Google Plus Share

W. P. Carey Inc. (NYSE: WPC), a leading net lease REIT specialising in corporate sale-leaseback and build-to-suit financing and the acquisition of single-tenant net lease properties, announced today that it has entered into an agreement with private developer Borghese Logistics Participaties II B.V. ("Borghese Logistics"), to expand an existing logistics facility situated in the Port of Rotterdam area in the Netherlands.

The facility is currently leased to Nippon Express Nederland B.V. ("Nippon"), the European subsidiary of third-party logistics provider Nippon Express Co. Ltd. The expansion, a modern BREEAM and FM certified logistics facility, will provide approximately 350,903 square feet (32,600 square meters) of additional floorspace to Nippon. Upon completion of the expansion the building will total 1,118,919 square feet (103,951 square meters).

Key Facts:

Surface area expansion and allocation: The total expansion of will provide approximately 350,900 square feet (32,600 square meters) of additional floor space to Nippon, which will be divided into 338,918 square feet (31,487 square meters) of warehouse and 14,321 square feet (1,130 square meters) of office space.

Expected completion and lease term: The development of the facility is anticipated to be completed by July 1, 2019. The expansion space will be leased to Nippon for a 10-year term with annual CPI rent escalations.

Strategic location: The facility is located in the Maasvlakte submarket, the entry point to and one of the three main logistics submarkets of the Port of Rotterdam; Europe's largest port and logistics hub.

Existing, high-quality tenant: W. P. Carey acquired the logistics facility in the Port of Rotterdam, Netherlands, in December 2015 for approximately $43 million (€38 million, based on the exchange rate at that time). The facility was purchased from the developer, Borghese Logistics, which completed construction of the building in October 2014 and leased the facility to Nippon.

W. P. Carey Managing Director Greg Butchart noted: "This development agreement demonstrates our commitment to creating long-term value for W. P. Carey's shareholders and supporting our tenants' growth strategies. W. P. Carey's ability to invest additional capital in the existing facility allowed us to meet Nippon's expansion needs while also investing in a sustainable asset. Leasing them additional space tailored to their needs on attractive economic terms enhances the value of the asset and makes the investment advantageous for all parties. We look forward to continuing our relationship with Nippon and their Rotterdam team."

Danny Levenswaard, Director Distribution & Warehousing, Port of Rotterdam Authority, said: "The Port of Rotterdam Authority welcomes W. P. Carey's expansion of the facility, which is leased to and operated by Nippon Express Netherlands and which will lead to the warehouse being the largest in the Port of Rotterdam. With the expansion Nippon Express Netherlands underlines its strong ambition for further growth in this premium logistics location at the Gateway to Europe."





LATEST POSTS
The most important factor in the invention of products that add convenience to our lives is the need. The inventors, who think that a new solution is necessary, find new solutions for the problems and develop innovative products. The Ferraris brothers made our life easier with the inCharge they designed. I talked with Lorenzo Filiberto Ferraris about Ferraris Group Sagl and inCharge.
An architect does not need to design large-scale buildings or houses to show his or her creativity. Small size minimalist projects such as "Cabin on a Rock" can reflect its architects' perspectives with all the details. I talked to Isamu Kanda, the architect of this minimalist building, about his career and his projects.
Make a quick start, decide to right maneuvers at the right moment while sliding on a tiny sled in the ice tunnel, always try to be faster, and reach to the end of the track as soon as possible. This is the way I can define 'Skeleton' in a non-technical format. I had the chance to interview Janine Flock, 2015 Overall World Cup Winner Skeleton Athlete, about her career and the importance of individual sponsorship in winter sports.
Technology advances every day and adds new fun to our lives. VR headsets are one of the most important examples of this. Now, technology companies are developing tools to make everything more realistic and present their new products one by one. Beijing-based LUCI presents the World's First Immersion-on-Demand Personal Wearable.
We love to experience new cuisines and taste new dishes and delicacies. We like some of them and we want to eat it again, but we do not even prefer to taste some of them again. However, Italian cuisine has a special place, everyone loves Italian tastes. I talked to Chef Paolo Gallotti about his career and Vero Italian.