Trinity Bridge House bought by WP Carey

Simon Donohue

A Government building in Salford has been bought in a £40m sale and leaseback deal by WP Carey Inc, a New York-based real estate investment trust.

Trinity Bridge House is leased to the Department for Communities & Local Government on a 15-year, triple-net lease and is currently occupied by the Her Majesty's Revenue & Customs.

HMRC has consolidated its staff from several locations into the building, which now accommodates 2,000 employees.

Comprising 200,000 sq ft of office space, Trinity Bridge House is located at the side of the River Irwell, adjacent to the Lowry hotel.

Jennifer Lucas, director of WP Carey, said: "The transaction demonstrates WP Carey's ability to source and complete attractive deals in key European markets. The UK is the second largest European economy and has an AAA-rating.

"Together with a Government lessee, we believe we have secured a strong, long-term tenant.

"The recent staff consolidation into the facility demonstrates that this is an important location for HMRC and supports our proven business model of acquiring key operating assets let to single tenants on long-term net-leases."

WP Carey Inc is a publicly traded REIT that provides long-term sale-leaseback and build-to-suit financing for companies worldwide and owns and manages an investment portfolio totaling approximately $15.4bn.

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Ok I’ll ask – "Triple net" anybody? FRI?

By Chesney T

Net net net = FRI. I had to google triple net myself. Those damn Americans. And being a property magazine, we should admonish Place North West for not understanding

By Anonymous