US corporate leaseback specialist and financier WP Carey is to finance the construction of a new two-building facility in the Netherlands for global industrial company Wärtsilä.

US corporate leaseback specialist and financier WP Carey is to finance the construction of a new two-building facility in the Netherlands for global industrial company Wärtsilä.

CPA®:17- Global, one of WP Carey’s managed REITs, will provide €13.6 mln of financing for the built-to-suit facility in Drunen in the southern Netherlands. WP Carey is also the end investor in the property, which will comprise an office and a training building for a new global R&D centre for Wärtsilä’s Ship Power division and its new Land & Sea Academy for the Netherlands.

WP Carey is partnering with local Dutch developer M7 Group on the project. Construction of the facility will begin shortly, with the bulk of the building work due to be completed within one year.

Once completed, the facility will be leased to Wärtsilä on a long-term, net-lease.

Jeffrey Lefleur, managing director of WP Carey, commented: ‘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.’

M7 Group commented: 'We chose to work with WP 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.'

3stone Real Estate advised WP Carey on the transaction.