WP Carey buys Finnish tech campus

New York-listed REIT WP Carey has acquired the research facilities of Finnish technology specialist Cargotec for €40 mln.

The 17,000 m2 facility in Finland’s third city Tampere comprises research and development facilities and class-A office space. The complex was completed in December 2012 and is located in an established industrial park near Tampere University of Technology.

Cargotec will continue its business operations at the facility as a leaseholder. The triple-net lease agreed with WP Carey has a 20-year term.

Cargotec is a listed company that develops and handles cargo-handling machinery for ships, ports, terminals and distribution centres. It operates in 120 countries and employs around 10,000 people.

WP Carey director Arvi Luoma hailed the acquisition as significant. ‘The centre we’ve acquired is located in a key industrial and office region in Finland and is very significant to the company’s business,’ he said.

‘We are pleased to support Cargotec’s future growth through our investment in these facilities while at the same time adding long-term, income-generating assets to our portfolio and investing in an AAA-rated country.’

WP Carey owns and manages an investment portfolio totalling approximately $15.2 bn (€11.6 bn).