NEW YORK—W.P. Carey say it plans to purchase a $372 million portfolio of office buildings from the Spanish State of Andalusia, in a 20-year term leaseback deal.
"The transaction with the State of Andalusia represents the opportunity to secure a long-term-leased portfolio of diverse assets at an attractive yield,” said Jeffrey Lefleur, managing director of W. P. Carey. “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."
The diversified portfolio includes 70 office buildings totaling approximately 2.8 million square feet 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.
The properties include offices for the State Employment Agency, Departments of Agriculture, Health, Education, Taxation, Trade & Tourism, Social Work and Environmental Control. In addition, a number of the facilities are significant centers of government administration as well as cultural and social services.
The 20-year lease with a government tenant is seen as a secure investment. The State of Andalusia is rated BBB- by Standard & Poor's and Ba+ by Moody's.
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David Phillips
David Phillips is a Chicago-based freelance writer and consultant with more than 20 years experience in business and community news. He also has extensive reporting experience in the food manufacturing industry for national trade publications.
