UTRECHT, Netherlands—W. P. Carey Inc. says that CPA:18 – Global, one of its managed non-traded REITs, has acquired the Jacobsweerd office building in Utrecht from Dutch asset and investment manager PingProperties. The acquisition cost was $52 million (€47.6 million).
"This transaction offered the opportunity for CPA:18 – Global to secure another high-quality asset in the Netherlands,” said Jason Fox, WPC's president and head of global investments. “This investment reinforces our role as a capital source for European companies, developers and investors looking to recycle capital into new investments, underlining the strength of our capabilities in the European property market."
The Jacobsweerd building is currently majority leased to four Dutch Government agencies—the Dutch Governmental Real Estate Department, the Dutch Chamber of Commerce, the Bureau for Information on Labor and Income and the Information Bureau. The leases are guaranteed by the Government of the Kingdom of the Netherlands, which is rated Aaa Stable by Moody's, AAA Stable by Fitch and AA+ Positive by S&P.
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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.
