W.P. Carey Acquires UK Government Office for $72 Million (WPC)

Real estate investment trust W.P. Carey Inc. (WPC) announced on Tuesday that it has acquired an UK government office facility for $72 million.

WPC has acquired an office facility from the Department of State for Communities and Local Government (DCLG) located in Manchester, UK. This office is leased to the DCLG on a 15 year triple net lease and is currently occupied by the UK’s tax department.

Jennifer Lucas, Director of WPC commented: “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.”

W.P. Carey shares were mostly flat during pre-market trading Tuesday. The stock is up 27% YTD.