NEW YORK CITYreports that it has acquired two office buildings in the United Kingdom and an office/laboratory facility in Highland Heights, KY for a total purchase price of $25.6 million.
The portfolio of two overseas office buildings are located in Sunderland, UK are leased to Northern Rock (Asset Management) plc, which holds and services residential mortgages and unsecured loans, as well as government loans, and non-deposit wholesale and secured funding instruments in the United Kingdom. The properties serve as Northern Rock's headquarters and also include back office administration, new sales, customer service, accounting, regulator communications, and bill inquiries operations.
The Highlands Heights, KY property is leased is leased to PPD Global Labs, LLC, a contract research organization that provides testing services for biopharmaceutical companies engaged in clinical drug development. The facility serves as a mission critical research and development center for comprehensive product development, post-approval services, drug discovery and lifecycle management services, company officials stated.
The properties have a weighted average remaining lease term of 10.5 years and were purchased at a weighted average capitalization rate of 9.4%.
“We are pleased to announce the purchase of these high quality real estate assets,” stated Nicholas S. Schorsch, chairman and CEO of ARC Global. “As ARC Global builds a diversified global portfolio, we continue to execute our European acquisition strategy while identifying strong office, industrial and special purpose net lease assets in the U.S.”
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