W.P. Carey (NYSE:WPC) enters agreement with private developer Borghese Logistics Participaties II to expand an existing logistics facility in the Port of Rotterdam area of the Netherlands.
The facility, leased to Nippon Express's Netherlands subsidiary, will be expanded by 350,903 square feet to 1.12M square feet. The project is expected 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.
The facility is located in the Maasvlakte submarket, one of the three main logistics submarkets of the Port of Rotterdam, Europe's largest port and logistics hub.
W.P. Carey acquired the logistics facility in Dec. 2015 for about $43M.
Source: Press Release
Previously: W.P. Carey blows through Q4 estimates, guides for strong 2018 (Feb. 23)