W.P. Carey completes State of Andalusia office portfolio sale for $359M

W. P. Carey announced that it sold a portfolio of 70 office properties net leased to the State of Andalusia for approximately $359M. The State of Andalusia portfolio was the company’s largest office portfolio which generated annualized base rent of approximately $31M and estimated net operating income of approximately $29M, as of December 31, 2023. The sale completes the largest component of the company’s previously announced Office Sale Program, under a strategic plan to exit the office assets within its portfolio through (i) the spin-off of Net Lease Office Properties and (ii) an asset sale program to dispose of certain office properties retained by W. P. Carey