Sustainability retrofit in the Netherlands
Property expansion and solar panel installation with existing tenant
Since acquiring the modern, BREEAM- and FM-certified logistics facility in the Netherlands for $43 million in 2015, W. P. Carey agreed to fund up to $20 million to expand the property in 2018 for its tenant, Nippon Express, one of the leading third-party logistics companies in the world. In addition to the expansion funding, W. P. Carey agreed to the installation of a one-million-square-foot solar panel, which will become one of Europe’s largest solar rooftops by generation capacity upon completion in 2021, generating 12,000 MWh annually.
“Since W. P. Carey first acquired our facility in 2015, they have served as a true partner and have consistently worked with us to achieve our goals. With their help, we will soon have one of the largest solar rooftops in the Netherlands, helping us achieve the highest standard of sustainable logistics operations.”