W.P. Carey has entered into an agreement with private developer Borghese Logistics Participaties II B.V., 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., 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 of additional floorspace to Nippon. Upon completion of the expansion the building will total more than 1.12 million square feet.
Key Facts:
- Surface area expansion and allocation: The total expansion of will provide approximately 350,900 square feet of additional floor space to Nippon, which will be divided into 338,918 square feet of warehouse and 14,321 square feet 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. The facility was purchased from the developer, Borghese Logistics, which completed construction of the building in October 2014 and leased the facility to Nippon.
