W.P. Carey Inc., a U.S.-based REIT, today announced the purchase of an office building from the U.K. government's Department of State for Communities and Local Government for $62 million.
Located in Manchester, the property is leased to the DCLG on a 15-year, triple-net lease and is occupied by almost 2,000 employees from the U.K.'s tax department, Her Majesty's Revenue & Customs ("HMRC"), according to a company announcement.
W.P. Carey specializes in corporate sale leaseback financing, build-to-suit construction financing and the acquisition of single-tenant net-lease properties.
"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," Jennifer Lucas, director of W. P. Carey, said in the release.
W. P. Carey owns and manages an investment portfolio totaling approximately $15.4 billion.
The Manchester location is west of the city center in a key redevelopment area. The company expects an increase in interest for the area due to ongoing redevelopment.
Correction: In the initial press release announcing the sale, the company said the acquisition price was $72 million. They later changed the price to $62 million.