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

Transaction Type: Build-to-suit 
Total Investment: $25 million
Location: Netherlands
Total Square Footage: 63,800 sq. ft. 
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 leading producer of plant-based spreads and cheeses with over 100 brands including Flora, Pro-Activ and Country Crock. In a build-to-suit, W. P. Carey funds and manages the construction of a new facility or the expansion of an existing one to meet the specifications of a prospective or existing tenant. Upon completion, the company enters into a long-term net lease while retaining full operational control. 

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 is 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, featuring its own Aquifer Thermal Energy Storage, a 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 demonstrates our expertise and ability to work with private equity firms on custom real estate capital solutions that support portfolio company growth.