NEWPORT, WALES—W. P. Carey Inc., has acquiredthe newly constructed office of Admiral Group plcin Newport, Wales for approximately $32 million (£20 million). Thefacility is leased to Admiral Group. The seller wasScarborough Group International, the UK andinternational real estate investor and developer.

“The transaction with Scarborough Group is consistent with ourinvestment strategy of acquiring critical assets leased on along-term basis to strong credit tenants and demonstrates ourability to provide liquidity to developers and owners of attractivenet-leased assets,” says Jennifer Lucas, executivedirector of WPC. “Admiral is a well-capitalized business with along-term commitment to the facility and we are delighted to addthe company to our tenant portfolio. Given the UK's status as thesecond largest European economy with good growth forecasts, we arepleased to add another UK asset to our holdings.”

Mark Jackson, director of Scarborough GroupInternational, added: “We are pleased to complete this transactionwith W. P. Carey. Their capital resources, experience in theEuropean net-lease investment market and their strategy ofacquiring long-term net-leased assets made them an ideal purchaserfor this asset.”