Printer Friendly

Euros attracted by net lease financing in $110M deal.

Investment firm W. P. Carey & Co. LLC announced that it acquired and leased back the corporate headquarters of Pohjola Non-Life Insurance Company Ltd., one of the largest Scandinavian insurance companies and financial institutions.

The total cost was approximately $110 million (Euro 83.6 million). The sale of the 979,516 square foot facility, located in Helsinki, Finland, will enable Pohjola to rebalance its investment portfolio.

Edward V. LaPuma, Chief Investment Officer of W. E Carey International, said, "This represents our second deal in the past six months with one of Finland's leading corporations.

"As net lease financing becomes increasingly popular among companies in Europe, many are realizing the benefits of working with W. P. Carey, an industry leader and sale-leaseback pioneer, who has established a presence in Europe and has a track record of closing transactions on time and as proposed. We're excited for an active 2005 as we look to work with companies around the world to meet their capital needs."

The transaction was completed on behalf of Corporate Property Associates 15 Incorporated (CPA[R]:15) and Corporate Property Associates 16--Global Incorporated (CPA[R]: 16--Global), members of the $7 billion W. P. Carey Group of income generating, publicly held, non-traded real estate investment trusts (REITs). CPA[R]:15 will own a 60% interest, while CPA[R]:16--Global will own the remaining 40% interest.

This transaction represents W. P. Carey's first acquisition of the New Year and adds to its rapidly growing portfolio of global investments, which consists of more than 12.6 million square feet.

In July 2004, the W. P. Carey Group acquired and leased back the chief technology facility and a corporate office of TietoEnator, located in Espoo, Finland, for approximately $97 million (Euro 72 million).

Other recent transactions include office, industrial, warehouse and distribution facilities leased to Wallac Oy in Turku, Finland; Katun Corporation in Gorinchem, the Netherlands; Actuant Corporation in Kahl am Main, Germany; Carrefour throughout France.
COPYRIGHT 2005 Hagedorn Publication
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 2005, Gale Group. All rights reserved. Gale Group is a Thomson Corporation Company.

Article Details
Printer friendly Cite/link Email Feedback
Title Annotation:Banking & Finance; W. P. Carey & Co. LLC's merger with Pohjola Non-Life Insurance Company Ltd.,
Publication:Real Estate Weekly
Geographic Code:4EUUK
Date:Jan 12, 2005
Words:322
Previous Article:Arbor Commercial appoints new FHA screening director.
Next Article:Meridian.
Topics:


Related Articles
W.P. Carey reports record year in 2002.
Firm reports $542m sale-leaseback deals.
Carey puts plant builder in control.
$20m in 'creative financing'.
W.P. Carey buy just what the doctor ordered.
Sale-leaseback pays off for tech facility.
DuGan is upbeat about WP Carey's quarterly dip.
W.P. Carey acquires Finnish properties.
Carey completes medical facility sale-leaseback.
WP Carey funds $445m retail venture.

Terms of use | Privacy policy | Copyright © 2019 Farlex, Inc. | Feedback | For webmasters