WP Carey agrees BTS deal with Santander in Germany

WP Carey is providing €48 mln build-to-suit financing to Spanish banking group Santander for a new office facility in Mönchengladbach, Germany.

'This acquisition is a strategic addition to our portfolio: a long-term, triple net lease with an investment grade tenant for a key facility located within the strongest economy in Europe,' said Jennifer Lucas, director of WP Carey in Europe.

Upon completion in 2015, the Class-A office building will be let to Santander on a 20-year triple net basis.

Located in the Nordpark area of Mönchengladbach, the facility - together with its existing headquarters - will act as one of Santander’s primary business locations in Germany. The facility brings together 1,500 personnel from various locations across Mönchengladbach to a single building.

WP Carey was advised by Reed Smith on the transaction.