PR Newswire
NEW YORK, Feb. 22, 2018
NEW YORK, Feb. 22, 2018 /PRNewswire/ -- W. P. Carey Inc. (NYSE: WPC), a leading internally-managed net lease REIT specializing in corporate sale-leaseback and build-to-suit financing and the acquisition of single-tenant net lease properties, announced today that it has entered into a new triple net lease agreement with the Astellas Institute for Regenerative Medicine ("AIRM") for W. P. Carey's 251,000-square-foot office building in Westborough, MA. As part of the new lease, the existing two-story office building will be converted into a state-of-the-art life sciences facility and serve as AIRM's R&D headquarters. AIRM is an indirect wholly-owned subsidiary of Tokyo-based Astellas, a top 20 global pharmaceutical company rated A1 by Moody's.
The lease will commence in September 2018 and construction will begin shortly thereafter. Construction conversion costs are expected to total more than $90 million and will be jointly funded by W. P. Carey and AIRM.
Key Facts
Management Commentary
W. P. Carey Managing Director Brooks Gordon noted: "The Astellas transaction demonstrates W. P. Carey's proactive approach to asset management and our ability to invest capital into our existing portfolio at attractive risk-adjusted returns. It also enables us to reposition an asset that was underutilized by the current tenant by identifying and capitalizing on the growing life sciences demand in the greater Boston area. As a result, we will own a state-of-the-art facility that will enable Astellas to pursue its cutting-edge research, while creating substantial value for W. P. Carey's shareholders."
W. P. Carey Inc.
Celebrating its 45th anniversary, W. P. Carey Inc. is a leading internally-managed net lease REIT that provides long-term sale-leaseback and build-to-suit financing solutions primarily for companies in the U.S. and Europe. At September 30, 2017, the Company had an enterprise value of approximately $11.4 billion. In addition to its owned portfolio of diversified global real estate, W. P. Carey manages a series of investment programs. Its corporate finance-focused credit and real estate underwriting process is a constant that has been successfully leveraged across a wide variety of industries and property types. Furthermore, its portfolio of long-term leases with creditworthy tenants has an established history of generating stable cash flows, enabling it to deliver consistent and rising dividend income to investors for over four decades.
This press release contains forward-looking statements within the meaning of U.S. Federal securities laws. The comments of Mr. Gordon are examples of forward looking statements. A number of factors could cause W. P. Carey's actual results, performance or achievement to differ materially from those anticipated. Among those risks, trends and uncertainties are the general economic climate; the supply of and demand for commercial properties; interest rate levels; the availability of financing; and other risks associated with the acquisition and ownership of properties, including risks that the tenants will not pay rent, or that costs may be greater than anticipated. For further information on factors that could impact W. P. Carey, reference is made to its filings with the U.S. Securities and Exchange Commission.
Company contact:
Anna McGrath
W. P. Carey Inc.
212-492-1166
[email protected]
Press contact:
Guy Lawrence
Ross & Lawrence
212-308-3333
[email protected]
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SOURCE W. P. Carey Inc.
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