US REIT WP Carey has entered into a $50.6 mln (€44 mln) sale-and-leaseback transaction for an office building in the city of Sunderland in northeast England.
US REIT WP Carey has entered into a $50.6 mln (€44 mln) sale-and-leaseback transaction for an office building in the city of Sunderland in northeast England.
The facility will be net leased to a wholly-owned subsidiary of British energy company RWE npower, which is 100% owned by German utility company RWE.
Completed in 2009, the complex consists of four office buildings and is triple-net leased for a 10-year term. The site also has planning permission for future expansion.
'We are pleased to have completed this sale-leaseback transaction, marking our third acquisition in the UK over the last year,' said Christopher Mertlitz, vice-president at WP Carey. 'Given the creditworthiness of the tenant, parent company guarantee and the criticality of the asset to the tenant's operations, along with the long-term lease and inflation-adjusted rent escalations, we believe this acquisition is a strong addition to the WP Carey portfolio.'
