Sponsor W.P. Carey, Inc. recently announced that two of its non-traded REITs, CPA®:17 – Global and CPA®:18 – Global, have jointly purchased the headquarters of Bank Pekao S.A. in Warsaw, Poland.
Bank Pekao is the second largest bank in Poland and was sold by CA Immo, an Austrian property investor, in a $158 million transaction that was closed on an all-equity basis. Built in 2009, the property is located in the “Airport Corridor” which provides access to the city from the airport and employs 2,000 people.
Jeffrey Lefleur, managing director of W.P. Carey, stated, “This transaction fits well with our strategy of acquiring critical assets with strong covenants in thriving, well-connected locations. It also reinforces our position as an active investor in European properties that benefit from in-place, long-term net leases.”
CPA®:17 – Global, which closed to new investors in December 2012, was formed to invest in a diversified portfolio of income-producing commercial properties and real estate-related assets.
CPA®:18 – Global, a $1.4 billion offering, was formed with similar aims and is still open to new investors. Through March 20, 2014, the REIT has raised over $590 million.