New York-listed REIT WP Carey has completed the purchase of insurer Admiral’s new Newport office building for £20m from Scarborough Group.
The 60,664 sq ft office building was completed in May and houses more than 500 Admiral employees.
Admiral has a 20-year lease on the building with a break option in 2030.
WP Carey specialises in corporate sale and leaseback deals.
Jennifer Lucas, executive director of WP Carey, said: “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.
“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.”
