WP Carey has acquired a single tenant office building and an adjacent multitenant high-rise tower in Rotterdam, Netherlands for €69 mln on behalf of its CPA:18 – Global non-traded REIT.

WP Carey has acquired a single tenant office building and an adjacent multitenant high-rise tower in Rotterdam, Netherlands for €69 mln on behalf of its CPA:18 – Global non-traded REIT.

The single tenant office building will be leased to the world's largest independent tank storage provider, specialising in the bulk storage and handling of liquid chemicals, gasses and oil products.

The two-building complex consists of a six-story low-rise tower and an 11-story high-rise tower. The low-rise tower was renovated in 2012 as Royal Vopak’s global headquarters. It will be leased back to Royal Vopak on a long-term basis.

'This acquisition by CPA:18 – Global marks the second major transaction by one of our managed REITs in the Netherlands this year,' said Jason Fox, co-head of Global Investments of WP Carey. 'The investment further reinforces our role as a capital source for European companies, developers and investors looking to recycle capital into new investments.'