W.P. Carey Completes $26M-Sale-Leaseback

BIRMINGHAM, UK-W.P. Carey & Co. has entered into a $26 million sale-leaseback deal with National Express Ltd., a public transportation provider here in the UK. The 38,000-square-foot building will house the main coach terminal for National Express as well as the corporate headquarters for the company.

“We are very pleased to be working with National Express and to have acquired such a unique asset which is critical to the operation of one of its strongest divisions. This transaction further cements our presence in the UK and clearly demonstrates our strategy of helping quality companies unlock the capital in their real estate,” says Jennifer Walsh, VP of W.P. Carey International.

National Express has utilized the property since acquiring it in the 1980s.

The lease portion of the deal will close in December. National Express has signed a 25-year lease. The other terms of the deal were not released.

The sale-leaseback transaction is part of W.P. Carey’s current investment strategy. The New York City-based company focuses on sale-leaseback and build-to-suit deals.

“In the current economic environment, W. P. Carey continues to actively seek sale-leaseback opportunities that are consistent with our defensive, risk management-driven investment strategy and adhere to our philosophy of investing for the long run,” Walsh says.