NEW YORK—W.P. Carey Inc. has paid approximately $52 million for the acquisition of Cargotec Corp.’s research and development and class-A office facilities in Tampere, Finland. The property is subject to a 20-year triple-net-lease with the company.
Containing 183,569 sq. ft. of space, the facility was constructed in 2012. The facility is located nearby the Tampere University of Technology, a leading technical university in Finland.
“Cargotec is a leading global industry player which is well capitalized and has remained profitable, despite the financial crisis,” said Arvi Luoma, director of W.P. Carey. “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.”
Cargotec is a Finnish public company that develops and manufactures cargo-handling machinery for ships, ports, terminals and local distribution.