CPA:17 – Global, a publicly held non-traded REIT affiliate of WP Carey, has acquired the new European Innovation Center of Royal FrieslandCampina in the Netherlands for $41m.
The new European Innovation Center is located on the campus of the Wageningen University and Research Center in Wageningen, Netherlands.
Hurks, a development and construction company, has finished the construction of the new facility in July 2013.
WP Carey managing director Jeffrey Lefleur said: "The transaction marks our second deal in the Netherlands this year overall and supports our business model of acquiring critical operating assets on long-term, single-tenant net-leases."
Royal FrieslandCampina chief financial officer Kees Gielen said: "This will allow us to achieve a significant consolidation of our European R&D into a single location."
Royal FrieslandCampina is a dairy company that offers a range of products including milk, dairy-based beverages and infant & toddler nutrition.
