W.P. Carey, a corporate sale-leaseback financing company, has acquired the research and development and Class A office facility of Cargotec in Tampere, Finland, which is subject to a 20-year triple-net lease with the company.
The total acquisition cost of the 183,569 square foot facility was about $52 million. The facility was completed in December 2012 as a “technology and competence center” dedicated to the research and development of energy-efficient machinery and automation solutions. Cargotec develops and manufactures cargo-handling equipment for ships, ports, terminals and local distribution across the globe.
“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,” said Arvi Luoma, director of W.P. Carey, in a written statement. “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.”