National Express

Build-to-Suit Financing

Transportation-Personal

September 2009

National Express Limited operates the only national, scheduled public transportation service in the United Kingdom.  With approximately 1,700 destinations, the Company provides a large network of bus services based around nine hubs in the UK.

Situation: National Express Limited planned to redevelop its main hub, centrally located in Birmingham.  Once the renovation is complete, the 38,400 sq. ft. facility will be equipped with state-of-the art, concourse, office and retail spaces. 

Financing: The W. P. Carey Group provided $26 million of financing for the redevelopment and sale-leaseback of National Express’s main transportation hub.

Outcome:  National Express was able renovate its main UK station, transforming the station into its national headquarters, while continuing to provide coach service through this terminal. The new office space serves as the Company’s national headquarters and the retail space will be sub-let to W.H. Smith, a newsagent, Upper Crust, a sandwich shop and Starbucks Coffee.