W. P. Carey (WPC) Case Study Image: Upfield

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

Upfield

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


Transaction Type: Build-to-suit
Total Investment: €25 million
Location: Netherlands
Total Square Meters: 6,100 sqm.
Facility Type: State-of-the-art food research facility
 

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 portfolio company of KKR, a global private equity firm. Upfield is the leading producer of plant-based spreads and cheese with over 100 brands including Flora, Pro-Activ and Country Crock. Following Upfield’s carveout from Unilever in 2018, KKR acquired the company with the goal of growing its global presence by expanding its product lines. As part of this strategy, a subsidiary of KKR 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 will be critical for the development of new and innovative plant-based consumer products and environmentally-friendly packaging. The facility will receive a BREEAM “outstanding” environmental rating upon completion of construction in 2022.

W. P. Carey has nearly 50 years of experience working with private equity firms and has completed more than €3.7 billion in PE financing. This transaction demonstrates our expertise and ability to work with private equity firms on custom real estate capital solutions that support portfolio company growth.