TietoEnator Completes $95M Sale/Leaseback

ESPOO, FINLAND-Locally based TietoEnator Plc has sold and leased back long-term about 465,000 sf of facilities here in a deal the buyer group values at $95 million. The buyer includes Corporate Properties Associates 15 and Corporate Properties Associates 16-Global, two public-but-not-traded REITs managed by New York-based WP Carey. WP Carey, a sale/leaseback specialist, did not detail in its announcement what exactly the $95-million figure represents, whether it is the purchase price for the buildings or the value of the leaseback agreement. A company spokesperson was not immediately available for comment Monday afternoon.The buildings include TietoEnator’s chief technology facility and a corporate office. The buildings are located in Finland’s technical research center adjacent to the Helsinki University of Technology and the Technical Research Center of Finland. According to the leaseback agreement, Corporate Properties Associates 15 will own a 60% interest in the leasehold and Corporate Properties Associates 16-Global will hold the remaining 40% interest. WP Carey chief investment officer Edward LaPluma says the company’s goal is to continue expanding its presence in the European market, where approximately 70% of corporations own their own real estate. “We anticipate an increase in our investment volume in the months ahead as more European companies realize the benefits (of sale/leaseback transactions),” says LaPluma.