W.P. Carey has sold a portfolio of 70 office properties net leased to the State of Andalusia in Southern Spain for approximately $359 million. The State of Andalusia portfolio was the company’s largest office portfolio, which generated annualized base rent (ABR) of approximately $31 million and estimated net operating income of approximately $29 million, as of Dec. 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 the spin-off of Net Lease Office Properties (completed in November 2023) as well as an asset sale program to dispose of certain office properties retained by W. P. Carey.
“The sale of our largest office asset, along with the progress we’ve made to date executing on our strategic plan to exit office, has reduced our office exposure to less than 3 percent of our total ABR,” said Jason Fox, CEO of W.
