W. P. Carey Inc., a real estate investment trust and a leading global owner and manager of commercial properties, primarily net leased to companies on a long-term basis, announced that it has been awarded the opportunity to purchase a portfolio of office buildings from State of Andalusia.
The properties will be leased back to the State of Andalusia for a 20-year term. The consummation of the proposed acquisition is subject to the satisfaction of various closing conditions, and W. P. Carey can make no assurance that it will acquire any of the properties or, if it does, what the ultimate terms or timing of any such acquisition will be.
The portfolio includes 70 office buildings totaling approximately 2.8 million ft² (2,600 m²) located in the capital and major cities throughout the Spanish State of Andalusia. The offices are home to a diverse range of state government departments and agencies.
Jeffrey Lefleur, Managing Director of W. P. Carey Inc., commented: "The transaction with the State of Andalusia represents the opportunity to secure a long-term-leased portfolio of diverse assets at an attractive yield. Our experience in the European market, as well as our ability to close and fund the acquisition on a timely basis, were critical factors in our selection as the purchaser by the government of the State of Andalusia. We look forward to closing the transaction and adding these assets to the W. P. Carey Inc. portfolio."
Source: W.P. Carey