W. P. Carey Acquires Welsh HQ Asset

NEWPORT, WALES—W. P. Carey Inc., has acquired the newly constructed office of Admiral Group plc in Newport, Wales for approximately $32 million (£20 million). The facility is leased to Admiral Group. The seller was Scarborough Group International, the UK and international real estate investor and developer.

“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,” says Jennifer Lucas, executive director of WPC. “Admiral is a well-capitalized business with a long-term commitment to the facility and we are delighted to add the company to our tenant portfolio. Given the UK’s status as the second largest European economy with good growth forecasts, we are pleased to add another UK asset to our holdings.”