Largest Distribution Center in Rotterdam for Nippon Express
W. P. Carey Inc. Enters into Agreement to Expand Nippon Express Logistics Facility in the Netherlands
W. P. Carey Inc., a leading 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 an agreement with private developer Borghese Logistics Participaties II B.V. (“Borghese Logistics”), 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. (“Nippon”), 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 350,903 square feet (32,600 square meters) of additional floor space to Nippon. Upon completion of the expansion the building will total 1,118,919 square feet (103,951 square meters), making it the largest warehouse in Rotterdam and one of the largest in the Netherlands.
Key facts on expansion
The total expansion will provide approx. 32,600 square meters of additional floor space to Nippon, which will be divided into 31,487 square meters of warehouse and 1,130 square meters of office space. The development of the facility is anticipated to be completed by 1 July 2019. The expansion space will be leased to Nippon for a 10-year term. The facility is located in the Maasvlakte submarket, the entry point to and one of the three main logistics submarkets of the Port of Rotterdam, Europe’s largest port and logistics hub.
Gateway to Europe for Nippon Express
Danny Levenswaard, Director Distribution & Warehousing, Port of Rotterdam Authority, said: “The Port of Rotterdam Authority welcomes W. P. Carey’s expansion of the facility, which is leased to and operated by Nippon Express Netherlands and which will lead to the warehouse being the largest in the Port of Rotterdam. With the expansion Nippon Express Netherlands underlines its strong ambition for further growth in this premium logistics location at the Gateway to Europe.”
Source: W. P. Carey Inc.