Admiral House sold for Â£20m
Admiral Group's new office building has been sold to global real estate investment trust W.P. Carey for £20m.
The 83,000 sq ft office building in Newport, known as Admiral House, is let to the insurance giant for 20 years. It is part of the Scarborough Group's redevelopment of the former Cambrian Centre opposite the city's new railway station.
It was completed in May 2014 and houses more than 500 Admiral staff.
Jennifer Lucas, executive director of WP Carey, said: "The transaction with Scarborough Group is consistent with our investment strategy of acquiring critical assets leased on a long-term basis to strong credit tenants and demonstrates our ability to provide liquidity to developers and owners of attractive net-leased assets.
"Admiral is a well-capitalised business with a long-term commitment to the facility and we are delighted to add the company to our tenant portfolio."
Mark Jackson, director of Scarborough Group International, added: "WP Carey's capital resources, experience in the European net-lease investment market and their strategy of acquiring long-term net-leased assets made them an ideal purchaser for this asset."
Cooke & Arkwright acted as joint agent with CBRE on behalf of Scarborough Group. Knight Frank acted on behalf of WP Carey.