Architectural rendering of a new commercial building

Build-to-suit of state-of-the-art food research facility


W. P. Carey works with private equity firm to provide build-to-suit financing for portfolio company’s new R&D facility

Tenant Description: Upfield is a leading producer of plant-based spreads and cheeses with over 100 brands

Total Investment: $25 million
Transaction Type: Build-to-suit*

Location: Netherlands
Total Square Footage: 63,800 sq. ft. 
Facility Type: State-of-the-art food research facility

Green Features: BREEAM "Outstanding" environmental certification, aquifer thermal energy storage, water-saving sanitation system, PV system and green roof.


In 2021, W. P. Carey agreed to fund $25 million in build-to-suit financing for the development of a state-of-the-art food research facility for Upfield, a leading producer of plant-based spreads and cheeses with over 100 brands including Flora, Pro-Activ and Country Crock. 

Following Upfield’s carveout from a large multinational corporation in 2018, it was acquired by a global private equity firm with the goal of growing its global presence. As part of this strategy, the PE firm pursued a build-to-suit with W. P. Carey in order to secure financing for the construction of Upfield’s new global R&D headquarters, which was critical for the development of new and innovative plant-based consumer products and environmentally friendly packaging. The facility was completed in July 2022 and received a BREEAM “Outstanding” environmental rating in 2024, the highest level of BREAAM certification for buildings worldwide. The facility features its own aquifer thermal energy storage, a water-saving sanitations system, a photovoltaic system (“PV system”) and green roof. Less than 1% of new commercial buildings achieve the Outstanding rating, putting the facility in the top tier globally for sustainable design and operation. 


W. P. Carey has 50+ years of experience working with private equity firms and has completed more than $6 billion in PE financing. This transaction not only demonstrates our expertise and ability to work with private equity firms on custom real estate capital solutions that support portfolio company growth, but also our commitment to sustainability.


*In a build-to-suit, W. P. Carey funds and manages the construction of a new facility or the expansion of an existing one custom built to meet the unique specifications of a prospective or existing tenant. Upon completion of construction, the company enters into a long-term net lease with W. P. Carey, while securing full operational control of the new or expanded facility.