The Globe and Mail

Go to the Globe and Mail homepage

Jump to main navigationJump to main content

Press release from PR Newswire

W. P. Carey Announces $52 million Acquisition of Cargotec Campus in Finland

Tuesday, June 04, 2013

W. P. Carey Announces $52 million Acquisition of Cargotec Campus in Finland

09:30 EDT Tuesday, June 04, 2013

NEW YORK, June 4, 2013 /PRNewswire/ -- W. P. Carey Inc. (NYSE: WPC), a leading provider of corporate sale-leaseback financing, announced today that it has acquired the research and development and class-A office facilities of Cargotec Corporation in Tampere, Finland, which are subject to a 20-year triple-net lease with the company.  The total acquisition cost of the 183,569 square foot facility was approximately $52 million (?40 million).

(Photo:  http://photos.prnewswire.com/prnh/20130604/NY25517-a)

(Logo:  http://photos.prnewswire.com/prnh/20130604/NY25517LOGO-b)

Cargotec is a Finnish public company that develops and manufactures cargo-handling machinery for ships, ports, terminals and local distribution. Cargotec's products are used in every major port around the globe and on half of the world's oceangoing fleet. It operates in 120 countries, employs approximately 10,000 personnel globally and generated more than $4.3 billion (?3.3 billion) in revenues in 2012.

The facility was completed in December 2012 as a "Technology and Competence Center" dedicated to research and development of energy-efficient, safe and intelligent machinery and automation solutions.  The facility is located in an established office and industrial region of Tampere, near the Tampere University of Technology, the leading technical university in Finland. Tampere is the largest inland city in the Nordics and the third largest city in Finland.

Arvi Luoma, Director of W. P. Carey, said, "Cargotec is a leading global industry player which is well capitalized and has remained profitable, despite the financial crisis.  The Technology and Competence Center we've acquired is located in a key industrial and office region in Finland and is very significant to the company's business. We are pleased to support Cargotec's future growth through our investment in these facilities while at the same time adding long-term, income-generating assets to our portfolio and investing in a AAA-rated country."    

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. 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. Our 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. www.wpcarey.com

This press release contains forward-looking statements within the meaning of the Federal securities laws.  A number of factors could cause WPC'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 WPC, reference is made to WPC's filings with the Securities and Exchange Commission.

COMPANY CONTACT:

PRESS CONTACT:

Cheryl Sanclemente

Guy Lawrence

W. P. Carey Inc.

Ross & Lawrence

212-492-8995

212-308-3333

csanclemente@wpcarey.com       

gblawrence@rosslawpr.com  

SOURCE W. P. Carey Inc.

Products
  • Globe Unlimited

    Digital all access pass across devices. subscribe

  • The Globe and Mail Newspaper

    Newspaper delivered to your doorstep. subscribe

  • Globe2Go

    The digital replica of our newspaper. subscribe

  • Globe eBooks

    A collection of articles by the Globe. subscribe

See all Globe Products

Advertise with us

GlobeLink.ca

Your number one partner for reaching Canada's Influential Achievers. learn more

The Globe at your Workplace
Our Company
Customer Service
Globe Recognition
Mobile Apps
NEWS APP
INVESTING APP
Other Sections