Carey goes coach with $26m deal.

W. P. Carey & Co. LLC has entered into a sale-leaseback transaction with UK public transport provider National Express Ltd.(NEL) totaling some $26 million, including acquisition fees.

The property acquired comprises over 38.000 s/f and will house National Express' main coach terminal. The office space at the Birmingham facility will serve as NEL's corporate headquarters.

The facility has been the main hub of National Express' coach service since the 1980s.

The lease will commence following the anticipated completion of the facility in December 2009 and has a term of 25 years.

Jennifer Walsh, vice president of W. P. Carey International, said: "This transaction further cements our presence in the UK and clearly demonstrates our strategy of helping quality companies unlock the capital in their real estate. In the current economic environment, W. P. Carey continues to actively seek sale-leaseback opportunities that are consistent with our defensive, risk management-driven investment strategy and adhere to our philosophy of investing for the long run."