NYSE-listed WP Carey has acquired a 219,900sqft training campus in the UK for 拢18m (鈧�21.5m).
The net-lease real estate investment trust said it has acquired the training and conference centre in the West Midlands leased to Compass Contract Services UK.
The campus is triple-net leased for a remaining term of 14 years with fixed annual rent increases, the firm added.
Christopher Mertlitz, head of European investments at WP Carey, said: 鈥淭his acquisition highlights our ability to acquire unique assets with existing leases in place, demonstrating our flexibility in working with third-party sellers while ensuring business continuity for the tenant.鈥�
鈥淭he campus is one of the UK鈥檚 premier training centres and is backed by enduring relationships from a diverse set of clients. We are pleased to continue expanding our presence in the UK and look forward to working with Compass Group in the future.鈥�
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