|By PR Newswire||
|April 7, 2014 02:30 AM EDT||
-- Build-to-Suit Transaction Adds Long-Term Leased Asset to Managed Portfolio
LONDON, April 7, 2014 /PRNewswire/ -- W. P. Carey Inc. (NYSE: WPC), a global net-lease REIT specializing in corporate sale-leaseback and build-to-suit financing and the acquisition of single-tenant net-lease properties, announced today a build-to-suit financing transaction on behalf of CPA®:17 – Global, one of its managed REITs. The €13.6 million transaction will include 100% funding for the construction of a new two-building facility in the Netherlands for the global industrial company, Wartsila. The facility will comprise an office building and a training building, which will be the new global R&D centre for Wartsila's Ship Power division, and their new Land & Sea Academy for the Netherlands.
W. P. Carey has partnered with local Dutch developer, M7 Group, on the project. Construction of the facility will begin shortly, with the majority of building-work completed within one year. Once completed, the facility will be leased to Wartsila on a long-term, net-lease. The facility will be located in Drunen, in the southern Netherlands.
- Strategically critical asset: The to-be-built facility will be Wartsila's global R&D site for their Ship Power division, as well as the company's new technical training centre in the Netherlands.
- Strong credit: With €4.6 billion in annual revenues, Wartsila is a global leader in industrial engines and power plant systems. It is publically-listed on the NASDAQ OMX, with an equity market capitalisation of nearly €8 billion.
- Strategic realignment: The facility is a component of Wartsila's previously announced plan to reduce its manufacturing footprint in the Netherlands and increase its focus on R&D and services.
- Construction financing: The transaction displays the ability of W. P. Carey and its managed REITs to provide 100% construction financing for single-tenant projects in Europe.
Jeffrey Lefleur, Managing Director of W. P. Carey, commented:
"Wartsila 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. Upon its completion, the facility will be a mission-critical asset that is a key part of Wartsila'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.
Frank Kevenaar, Wartsila, commented:
"We look forward to the successful construction of this important asset by M7, and our future relationship with W. P. Carey."
M7 Group commented:
"We chose to work with W. P. Carey because of their ability to commit financing for 100% of the project cost, as well as their experience as a proven and reliable investor in the Dutch market."
W. P. Carey Inc.
W. P. Carey Inc. is a leading global net-lease REIT that provides long-term sale-leaseback and build-to-suit financing solutions for companies worldwide. It also acts as the manager to a series of non-traded REITs. The Company's owned and managed diversified global investment portfolio had a combined enterprise value of approximately $15 billion at December 31, 2013, with European assets comprising approximately €3 billion ($4 billion). Active in Europe since 1998, W. P. Carey's corporate finance-focused credit and real estate underwriting process is a constant that has been successfully leveraged across a wide variety of industries and property types. Furthermore, its portfolio of long-term leases with creditworthy tenants has an established history of generating stable cash flows, enabling it to deliver consistent and rising dividend income to investors for over four decades. www.wpcarey.com
This press release contains forward-looking statements within the meaning of the Federal securities laws. The statements of Mr. Lefleur are examples of forward looking statements. A number of factors could cause CPA®:17 – Global's actual results, performance or achievement to differ materially from those anticipated. Among those risks, trends and uncertainties are the general economic climate; the supply of and demand for office and industrial properties; interest rate levels; the availability of financing; and other risks associated with the acquisition and ownership of properties, including risks that the tenants will not pay rent, or that costs may be greater than anticipated. For further information on factors that could impact CPA®:17 – Global, reference is made to CPA®:17 – Global's filings with the Securities and Exchange Commission.
W. P. Carey Inc. contacts:
Dan de Belder/ Guy Scarborough/Tom Cahn
Culture is the most important ingredient of DevOps. The challenge for most organizations is defining and communicating a vision of beneficial DevOps culture for their organizations, and then facilitating the changes needed to achieve that. Often this comes down to an ability to provide true leadership. As a CIO, are your direct reports IT managers or are they IT leaders? The hard truth is that many IT managers have risen through the ranks based on their technical skills, not their leadership ab...
Aug. 31, 2015 12:30 PM EDT Reads: 352
With the Apple Watch making its way onto wrists all over the world, it’s only a matter of time before it becomes a staple in the workplace. In fact, Forrester reported that 68 percent of technology and business decision-makers characterize wearables as a top priority for 2015. Recognizing their business value early on, FinancialForce.com was the first to bring ERP to wearables, helping streamline communication across front and back office functions. In his session at @ThingsExpo, Kevin Roberts...
Aug. 31, 2015 12:16 PM EDT
eCube Systems has released NXTmonitor, a full featured application orchestration solution. NXTmonitor, which inherited the code base of NXTminder, has been extended to support multi-discipline processes and will act as a DevOps utility in a heterogeneous enterprise environment. Previously, NXTminder was packaged with NXTera middleware to configure and manage Entera and NXTera RPC servers. “Since we are widening the focus of this solution to DevOps, we felt the need to change the name to NXTmon...
Aug. 31, 2015 12:15 PM EDT
Contrary to mainstream media attention, the multiple possibilities of how consumer IoT will transform our everyday lives aren’t the only angle of this headline-gaining trend. There’s a huge opportunity for “industrial IoT” and “Smart Cities” to impact the world in the same capacity – especially during critical situations. For example, a community water dam that needs to release water can leverage embedded critical communications logic to alert the appropriate individuals, on the right device, as...
Aug. 31, 2015 12:00 PM EDT
Everyone talks about continuous integration and continuous delivery but those are just two ends of the pipeline. In the middle of DevOps is continuous testing (CT), and many organizations are struggling to implement continuous testing effectively. After all, without continuous testing there is no delivery. And Lab-As-A-Service (LaaS) enhances the CT with dynamic on-demand self-serve test topologies. CT together with LAAS make a powerful combination that perfectly serves complex software developm...
Aug. 31, 2015 12:00 PM EDT Reads: 200
SYS-CON Events announced today that HPM Networks will exhibit at the 17th International Cloud Expo®, which will take place on November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. For 20 years, HPM Networks has been integrating technology solutions that solve complex business challenges. HPM Networks has designed solutions for both SMB and enterprise customers throughout the San Francisco Bay Area.
Aug. 31, 2015 11:30 AM EDT Reads: 886
SYS-CON Events announced today that Micron Technology, Inc., a global leader in advanced semiconductor systems, will exhibit at the 17th International Cloud Expo®, which will take place on November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. Micron’s broad portfolio of high-performance memory technologies – including DRAM, NAND and NOR Flash – is the basis for solid state drives, modules, multichip packages and other system solutions. Backed by more than 35 years of tech...
Aug. 31, 2015 11:15 AM EDT Reads: 226
As more intelligent IoT applications shift into gear, they’re merging into the ever-increasing traffic flow of the Internet. It won’t be long before we experience bottlenecks, as IoT traffic peaks during rush hours. Organizations that are unprepared will find themselves by the side of the road unable to cross back into the fast lane. As billions of new devices begin to communicate and exchange data – will your infrastructure be scalable enough to handle this new interconnected world?
Aug. 31, 2015 11:00 AM EDT Reads: 159
SYS-CON Events announced today the Containers & Microservices Bootcamp, being held November 3-4, 2015, in conjunction with 17th Cloud Expo, @ThingsExpo, and @DevOpsSummit at the Santa Clara Convention Center in Santa Clara, CA. This is your chance to get started with the latest technology in the industry. Combined with real-world scenarios and use cases, the Containers and Microservices Bootcamp, led by Janakiram MSV, a Microsoft Regional Director, will include presentations as well as hands-on...
Aug. 31, 2015 10:45 AM EDT Reads: 281
Through WebRTC, audio and video communications are being embedded more easily than ever into applications, helping carriers, enterprises and independent software vendors deliver greater functionality to their end users. With today’s business world increasingly focused on outcomes, users’ growing calls for ease of use, and businesses craving smarter, tighter integration, what’s the next step in delivering a richer, more immersive experience? That richer, more fully integrated experience comes ab...
Aug. 31, 2015 10:30 AM EDT Reads: 638
Cloud and datacenter migration innovator AppZero has joined the Microsoft Enterprise Cloud Alliance Program. AppZero is a fast, flexible way to move Windows Server applications from any source machine – physical or virtual – to any destination server, in any cloud or datacenter, using its patented container technology. AppZero’s container is also called a Virtual Application Appliance (VAA). To facilitate Microsoft Azure onboarding, AppZero has two purpose-built offerings: AppZero SP for Azure,...
Aug. 31, 2015 10:15 AM EDT Reads: 181
SYS-CON Events announced today that Pythian, a global IT services company specializing in helping companies leverage disruptive technologies to optimize revenue-generating systems, has been named “Bronze Sponsor” of SYS-CON's 17th Cloud Expo, which will take place on November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. Founded in 1997, Pythian is a global IT services company that helps companies compete by adopting disruptive technologies such as cloud, Big Data, advance...
Aug. 31, 2015 10:15 AM EDT Reads: 298
In today's digital world, change is the one constant. Disruptive innovations like cloud, mobility, social media, and the Internet of Things have reshaped the market and set new standards in customer expectations. To remain competitive, businesses must tap the potential of emerging technologies and markets through the rapid release of new products and services. However, the rigid and siloed structures of traditional IT platforms and processes are slowing them down – resulting in lengthy delivery ...
Aug. 31, 2015 09:45 AM EDT Reads: 589
In his session at @ThingsExpo, Lee Williams, a producer of the first smartphones and tablets, will talk about how he is now applying his experience in mobile technology to the design and development of the next generation of Environmental and Sustainability Services at ETwater. He will explain how M2M controllers work through wirelessly connected remote controls; and specifically delve into a retrofit option that reverse-engineers control codes of existing conventional controller systems so the...
Aug. 31, 2015 09:30 AM EDT Reads: 123
This Enterprise Strategy Group lab validation report of the NEC Express5800/R320 server with Intel® Xeon® processor presents the benefits of 99.999% uptime NEC fault-tolerant servers that lower overall virtualized server total cost of ownership. This report also includes survey data on the significant costs associated with system outages impacting enterprise and web applications. Click Here to Download Report Now!
Aug. 31, 2015 08:30 AM EDT Reads: 203