The three-story, 50,000-sf building was purchased by CBRERTCoventry Ltd., an indirect subsidiary of CB Richard Ellis RealtyTrust. Fully occupied by Capita Business Services Ltd. a businessprocess outsourcing firm whose lease runs through 2017, theproperty sits on four acres inside ProLogis Park Coventry, amulti-tenanted complex located along the M6 Motorway.

"This is a perfect asset for the REIT and exemplifies ourstrategy of investing up to 30% of the REIT's assets in qualityproperties in strong markets outside the US," says trust CEO JackCuneo, in a statement announcing the closing. Despite the globalflexibility created upon its formation in 2004, the trust is justnow making its first foreign foray in buying 602 Central Blvd. Theremaining properties are a mix of office and industrial buildingsin major US markets, holdings totaling more than 612,000 sf.

In unveiling the UK conquest, trust officials did not saywhether any other overseas deals are in the works, or what thelikelihood is of CBRERT reaching the 30% global threshold. Theinvestment vehicle is sponsored by CB Richard Ellis Investors LLCof Los Angeles and guided by CBRE Advisors LLC, an affiliate of CBRichard Ellis Investors.