WP Carey Announces EUR25m build-to-suit investment in the Netherlands
WP Carey Inc, a net lease REIT specialising in corporate sale-leasebacks, build-to-suits and the acquisition of single-tenant net lease properties, has announced a EUR25 million (USD30 million) build-to-suit commitment with a leading plant-based consumer products company for a state-of-the-art global R&D food research facility.
The facility will be located in the Netherlands on the campus of the world’s top agricultural and food science research institution, and will total approximately 6,100 square metres (65,700 square feet). Upon completion in 2022, the facility will be leased for a minimum term of 20 years.
The tenant is the leading global producer of a range of plant-based products and spreads. The company operates in 95 countries and has over 100 brands.
As the plant-based food sector continues to undergo significant growth globally, this facility will serve as the tenant’s global R&D centre and will support the development of new and innovative plant-based products and environmentally friendly packaging. The tenant will invest substantial funds into the facility’s fit-out, underscoring its criticality.
Strategically located in agricultural research community: The facility will be located on the campus of a leading agricultural sciences university. The university is home to many leading businesses in the food, consumer goods and agricultural sectors, and is recognised as a hub for food innovation.
Constructed to BREEAM standards: The facility will receive a BREEAM “Outstanding” certification for its sustainability features, which include solar panels and LED lighting.
Long-term lease with inflation-linked rent growth: Upon completion, the facility will be leased on a triple-net basis for a minimum term of 20 years subject to annual Dutch CPI rent escalations.
Christopher Mertlitz, Head of European Investments, WP Carey, says: “This R&D facility will be an excellent addition to our high-quality and diversified portfolio of properties across Europe. The tenant continues to benefit from a trend towards plant-based alternatives and we look forward to helping them continue that growth with the development of this building. Sitting at the heart of the world’s leading agricultural and food science research institution, this sustainable facility will enable the company to continue to develop innovative products for its global customer base. We look forward to welcoming our newest tenant and working with them throughout the duration of their lease.”
Robert Campkin, Head of Corporate Capital Solutions, Colliers EMEA, says: “We have been pleased to act as the strategic advisor for the tenant in this commitment with WP Carey. As a world-leading producer and developer of plant-based products, the company fits perfectly into the area, which is considered the Silicon Valley of the food industry and a world-class location for food innovation. This prestigious and environmentally-leading property will function as the tenant’s new European Research & Development Centre, with development scheduled for completion in 2022 on a sale-leaseback of 20 years funded by WP Carey.”