WP Carey Inc. has paid the government of the Spanish region of Andalusia 300 million euros for 70 buildings, which it will then lease back to the region. Rent on the properties will total 23.6 million euros a year over a 20-year period.
Spain’s regional governments have been selling public real estate to raise money as investors return to the market following an average 40% drop in property prices after the 2007 market crash.
