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Providing approximately 32,600 m2 of additional floor space
W. P. Carey Inc. has announced that it has entered into an agreement with private developer Borghese Logistics Participaties II B.V. to expand an existing logistics facility situated in the Port of Rotterdam area in the Netherlands.
The facility is currently leased to Nippon Express Nederland B.V. the European subsidiary of third-party logistics provider Nippon Express Co. Ltd.
The expansion, a modern BREEAM and FM certified logistics facility, will provide approximately 32,600 m2 of additional floor space to Nippon. Upon completion of the expansion the building will total 103,951 m2. The additional floor space will be divided into 31,487 m2 of warehouse and 1,130 m2 of office space.
The development of the facility is anticipated to be completed by July 1, 2019. The expansion space will be leased to Nippon for a 10-year term with annual CPI rent escalations.