WP Carey has acquired a training campus in the West Midlands operated by Compass Contract Services (UK) for £18m.
The 219,900 sq ft campus comprises six buildings – a purpose-built conference centre, training centre and four accommodation blocks – and provides more than 40 event spaces and 339 guest rooms.
The campus is triple-net leased to Compass Contract Services (UK), which is a subsidiary of foodservice company Compass Group, for a remaining term of 14 years with fixed annual rent increases.
Christopher Mertlitz, head of European investments at WP Carey, said: “This acquisition highlights our ability to acquire unique assets with existing leases in place, demonstrating our flexibility in working with third-party sellers while ensuring business continuity for the tenant.
“The campus is one of the U.K.’s premier training centres and is backed by enduring relationships from a diverse set of clients. We are pleased to continue expanding our presence in the UK and look forward to working with Compass Group in the future.”
