NEW YORK, and MANCHESTER, UK-W. P. Carey Inc., a leading provider of corporate sale-leaseback financing, has acquired an office facility of the Department of State for Communities and Local Government (DCLG), a department of the UK Government, located in Manchester. The total acquisition cost of the facility was approximately $62 million (GBP40 million/EUR47 million).

The facility is leased to the DCLG on a 15-year, triple-net lease and is currently occupied by the UK's tax department, Her Majesty's Revenue & Customs (HMRC). HMRC has consolidated its staff from several locations into the building, which now accommodates approximately 2,000 employees.

“The transaction demonstrates W.P. Carey's ability to source and complete attractive deals in key European markets,” said Jennifer Lucas, director of W. P. Carey. “The UK is the second largest European economy and has an AAA-rating. Together with a Government lessee, we believe we have secured a strong, long-term tenant. The recent staff consolidation into the facility demonstrates that this is an important location for HMRC and supports our proven business model of acquiring key operating assets let to single tenants on long-term net-leases.”