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W.P. Carey buys Borghese Logistics in port of Rotterdam for $43 million

W.P. Carey buys Borghese Logistics in port of Rotterdam for $43 million

AMSTERDAM: W. P. Carey has acquired a logistics facility in the Port of Rotterdam, Netherlands, for approximately $43m.

Borghese Logistics, the developer for the facility, had completed its construction in October 2014.It is leased to the European subsidiary of Japanese freight forwarder Nippon Express.

The facility, which has 760,00ft2 of space, has been constructed to high logistics specifications and targetting BREEAM certification for sustainability.

Located in the Maasvlakte submarket inside the Port of Rotterdam, the facility is net leased for 10 years with annual CPI rent escalations.

Port of Rotterdam is the largest port and logistics hub in Europe and has recently been expanded under a 10-year project.

W. P. Carey managing director Jeffrey Lefleur said: “The Port of Rotterdam is Europe’s largest port, linking cargo ship arrivals from around the world to the road and rail networks of Europe.

This transaction reflects our focus on acquiring critical, high-quality assets in strategic locations that can generate stable current income and add long-term value to W. P. Carey’s portfolio.”

The Tokyo-based Nippon Express is the fourth largest third-party logistics service provider globally. The firm operates across 40 countries in the world and has a recorded revenue of nearly $17bn.