LONDON, Sept. 10, 2014 /PRNewswire/ -- W. P. Carey Inc.
(NYSE: WPC), a global net-lease REIT specializing in corporate
sale-leaseback, build-to-suit financing and the acquisition of
single-tenant net-lease properties, announced today that CPA®:17 –
Global, one of its managed non-traded REITs, has completed a
sale-leaseback with Nokia Solutions and Networks (NSN), a
subsidiary of leading global communications and information company
Nokia Corporation. The office/R&D facility is located in
Krakow, Poland and was acquired
for €9.7 million ($13 million).
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Key facts:
- Strategic facility: Completed in 2003, the 4,961
square-metre (53,377 square-foot) facility houses approximately 300
engineers, computer technicians and researchers who are working
within Nokia's network and telecom infrastructure division – which
remains the core business of Nokia following the sale of its mobile
phone division to Microsoft.
- Hi-tech location: The facility is located in
Poland's second largest city,
Krakow, which has emerged as "Eastern
Europe's Silicon Valley." The city supports a strong cluster
of technology businesses and is home to offices and R&D centers
of Google, IBM, GE and Hitachi. Neighbouring buildings to the
facility include Motorola, Ericpol, the Jagiellonian University
Library, Małopolska Information Technology Park and the Krakow
LifeScience Technology Park and Bioincubator.
- Lease term: 10-year, triple-net lease.
- Credit-rated parent: Nokia has an equity market
capitalization of €20 billion ($27
billion), is listed on the NYSE (Ticker: NOK) and is rated
"BB / Positive Outlook" by S&P and Moody's.
Active in Europe since 1998,
W. P. Carey and its managed REITs
have invested approximately €3 billion ($4
billion) in the region. This transaction is W. P. Carey's second in Poland this year; in April, W. P. Carey announced a €115 million
($158 million) acquisition of Bank
Pekao's headquarters in Warsaw on
behalf of two of its managed REITs.
Quotes:
Jeffrey Lefleur, Managing
Director of W. P. Carey,
commented:
"Nokia remains one of the world's leading telecom infrastructure
providers. The acquired facility is an important asset to Nokia
Solutions and Networks Polish operations. This transaction
highlights W. P. Carey's ability to
structure deals worldwide, providing long-term financing for
leading global businesses."
Mr. Lefleur added: "Poland is
the second largest economy in Central Eastern Europe with projected
GDP growth and a healthy and liquid banking industry. These
metrics, along with the strength of the Nokia tenancy and positive
outlook for the Krakow office market, enhanced the attraction of
this acquisition as a solid addition to CPA®:17 – Global's
portfolio."
W. P. Carey Inc.
Please visit
www.wpcarey.mediaroom.com for more information about W. P. Carey, to access our image and video
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This press release contains forward-looking statements within
the meaning of the Federal securities laws. The statements of Mr.
Lefleur are examples of forward looking statements. A number of
factors could cause CPA®:17 – Global'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 CPA®:17 – Global, reference is made to
CPA®:17 – Global's filings with the Securities and Exchange
Commission.
W. P. Carey Inc. contacts:
Europe
Dan de Belder/Emma Kent/Kashara
Taylor
+44-203-772-2500
ddebelder@bell-pottinger.com
US
Guy Lawrence
+1-212-308-3333
gblawrence@rosslawpr.com
Kristina McMenamin
+1-212-492-8995
kmcmenamin@wpcarey.com