DRUNEN, NETHERLANDS—W. P. Carey Inc. global net-lease REIT has completed a build-to-suit financing of $18.7 million (€13.6M) transaction on behalf of CPA:17 – Global, one of its managed REITs.

The transaction will include 100% funding for the construction of a new two-building facility in the Netherlands for the global industrial company, Wärtsilä. The facility will comprise an office building and a training building, which will be the new global R&D center for Wärtsilä's Ship Power division, and their new Land & Sea Academy for the Netherlands.

“Wärtsilä is a global leader in its field and we are pleased to be working with them and the developer, M7, to deliver this important facility,” said Jeffrey Lefleur, managing director of W. P. Carey. “Upon its completion, the facility will be a mission-critical asset that is a key part of Wärtsilä's long-term R&D platform. This deal demonstrates our ability to provide financing solutions to leading corporations and developers who wish to build new facilities without tying up their equity capital. While the Netherlands remains a challenging country for financing new property development, we're very excited to continue our investments in Dutch built-to-suit projects.”