This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

W. P. Carey Adds To Global Footprint With Banco Santander German Transaction

NEW YORK, Dec. 5, 2013 /PRNewswire/ -- W. P. Carey Inc. (NYSE: WPC), a real estate investment trust ("REIT") specializing in corporate sale-leaseback financing, build-to-suit construction financing and the acquisition of single-tenant net-lease properties, announced today that it has entered into a build-to-suit transaction for a new office facility for Banco Santander S.A. ("Santander") in Monchengladbach, Germany.

(Photo:  http://photos.prnewswire.com/prnh/20131205/NY24934 ) (Logo:  http://photos.prnewswire.com/prnh/20130604/NY25517LOGO-b )

Santander is one of the world's leading banks and the largest in the Eurozone. It has 14,500 branches worldwide—more than any other international bank—and 103 million customers. Santander's new Monchengladbach facility will help the bank to develop its growing operations in Germany.

Key Facts

  • Triple net lease: Jennifer Lucas, Director of W. P. Carey in Europe, said, "This acquisition is a strategic addition to our portfolio: a long-term, triple net lease with an investment grade tenant for a key facility located within the strongest economy in Europe." Upon completion in 2015, the Class-A office building will be leased to Santander on a 20-year triple net basis. 
  • Critical facility: Located in the Nordpark area of Monchengladbach, a growing business park with excellent transport connections, the facility—together with its existing headquarters—will act as one of Santander's primary business locations in Germany. The facility brings together 1,500 personnel from various locations across Monchengladbach to a single building.
  • Construction cost: Approximately $65 million (€48 million).
  • Financing: W. P. Carey has obtained financing for 100% of construction costs during the construction period and secured a commitment for permanent financing with interest rates locked in at current levels. The permanent financing will fund upon completion of construction.  

W. P. Carey Inc. Celebrating its 40th anniversary, W. P. Carey Inc. is a publicly traded REIT (NYSE: WPC) that provides long-term sale-leaseback and build-to-suit financing for companies worldwide and owns and manages an investment portfolio totaling approximately $15.8 billion. The largest owner/manager of net lease assets, WPC's corporate finance-focused credit and real estate underwriting process is a constant that has been successfully leveraged across a wide variety of industries and property types. Its portfolio of long-term leases with creditworthy tenants has an established history of generating stable cash flows that have enabled WPC to deliver consistent and rising dividend income to investors for nearly four decades. www.wpcarey.com

This press release contains forward-looking statements within the meaning of the Federal securities laws.  The statements of Ms. Lucas are examples of forward looking statements. A number of factors could cause the Company'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 the Company, reference is made to the Company's filings with the Securities and Exchange Commission.



1 of 2

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
SYM TRADE IT LAST %CHG

Markets

DOW 17,698.18 -77.94 -0.44%
S&P 500 2,059.69 -8.20 -0.40%
NASDAQ 4,880.2280 -20.6570 -0.42%

Partners Compare Online Brokers

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs