US REIT WP Carey has acquired the newly constructed office of UK car insurer Admiral Group in the Welsh university city of Newport for about €20 mln.
US REIT WP Carey has acquired the newly constructed office of UK car insurer Admiral Group in the Welsh university city of Newport for about €20 mln.
The property was acquired from Scarborough Group International, a real estate developer and investor, and is being leased to Admiral for a period of 20 years.
Jennifer Lucas, executive director of WP Carey, commented: 'The transaction with Scarborough Group is consistent with our investment strategy of acquiring critical assets leased on a long-term basis to strong credit tenants and demonstrates our ability to provide liquidity to developers and owners of attractive net-leased assets.'
New York-listed WP Carey is a global net-lease REIT specialising in corporate sale-leaseback, build-to-suit financing and the acquisition of single-tenant net-lease properties.
