MONCHENGLADBACH, GERMANY—W. P. Carey has entered into a build-to-suit transaction for a new German office facility for Banco Santander S.A., a leading international bank based in Spain.
Upon completion in 2015, the class-A office building in the German city of Mönchengladbach will be leased to Santander on a 20-year triple net basis.
“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,” said Jennifer Lucas, director of W. P. Carey in Europe.
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David Phillips
David Phillips is a Chicago-based freelance writer and consultant with more than 20 years experience in business and community news. He also has extensive reporting experience in the food manufacturing industry for national trade publications.
