Expansion and sustainability retrofit in the Netherlands
Build-to-suit expansion, solar panel and battery energy storage system installation with existing tenant
Nippon Express
W. P. Carey provides existing tenant with follow-on capital and supports sustainability projects
Tenant Description: Headquartered in Tokyo, Nippon Express is the one of the largest third-party logistics companies in the world, with operations in 700+ locations across 40 countries.
Total Investment: ~$70 million (includes $43 million initial acquisition and approximately $27 million in build-to-suit funding)
Transaction Type: Acquisition of existing lease* Build-to-suit expansion**
Location: The Netherlands
Square Footage: 1.1 million square feet
Facility Type: BREEAM- and FM-certified logistics facility
Green Features: 14.6MW solar roof, 3.2 MWh battery energy storage system, BREEAM environmental certification
In 2015, W. P. Carey acquired a modern, BREEAM- and FM-certified logistics facility in the Netherlands for $43 million. The facility is located in the Port of Rotterdam, Europe’s largest port and logistics hub, and is leased to Nippon Express, one of the largest third-party logistics companies in the world. Subsequent to the initial acquisition, W. P. Carey funded an additional $25+ million for a build-to-suit expansion of the property, which was completed in 2019 and added an additional 350,000 square feet.
In addition to build-to-suit funding, W. P. Carey agreed to the installation of a one-million-square-foot solar roof in 2021 and a 3.2 MWh battery energy storage system (BESS) in 2025. The solar roof system is among Europe’s largest solar rooftops by generation capacity, generating approximately 14,000 MWh annually and enabling Nippon Express to significantly offset its carbon footprint.
At W. P. Carey, we’re proud to support our tenants as they implement innovative energy solutions that contribute to a more resilient and sustainable future
“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 now have one of the largest solar rooftops in the Netherlands, helping us achieve the highest standard of sustainable logistics operations.”