TAMPERE, FINLAND-Lease-back specialist W. P. Carey Inc. has acquired the research and development and class-A office facilities of Cargotec Corp.

Cargotec is a publicly-traded Finnish company that develops and manufactures cargo-handling equipment for ships, ports, terminals and local distribution.

The total acquisition cost of the 183,569 square foot facility was approximately $52 million (€40M), and the properties are now subject to a 20-year triple-net lease with the company.

“Cargotec is a leading global industry player which is well capitalized and has remained profitable, despite the financial crisis,” said Arvi Luoma, director of W. P. Carey. “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. 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 an AAA-rated country.”

The facility, completed in December 2012, is dedicated to research and development of energy-efficient, safe and intelligent machinery and automation solutions.  It is located in an established office and industrial region of Tampere, near the Tampere University of Technology, the leading technical university in Finland. Tampere is the largest inland city in the Nordics and the third-largest city in Finland.

Cargotec's products are used in major ports worldwide, and on half of the world's ocean-going fleet. It operates in 120 countries, employs approximately 10,000 persons and it had more than $4.3 billion (€3.3 billion) in revenues in 2012.

Celebrating its 40th anniversary, W. P. Carey Inc. is a publicly traded REIT that provides long-term sale-leaseback and build-to-suit financing for companies worldwide and owns and manages an investment portfolio totaling approximately $15.2 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.