Motor insurer becomes tenant of WP Carney after Newport House is sold

Motor insurer Admiral Group’s new headquarters have been snapped up for £20m.

Real estate investment group WP Carney has forked out to buy Admiral House in Newport.

The seller was Scarborough Group International, the UK and international real estate investor and developer.

Admiral has a 20-year lease on the 83,000sq ft building.

WP Carey executive director Jennifer Lucas said: “Admiral is a well-capitalised business with a long-term commitment to the facility and we are delighted to add the company to our tenant portfolio.

“Given the UK’s status as the second largest European economy with good growth forecasts, we are pleased to add another UK asset to our holdings.”