Specialty insurance business Kinsale Capital Group, Inc. announced that it has acquired real estate property adjacent to its current headquarters in Richmond, Virginia for $76.2 million, through a wholly owned subsidiary.
The property is comprised of two office buildings totaling over 580,000 square feet situated on approximately 29 acres of land. The majority of the space is subject to a long-term lease with the seller.
The company said the property is expected to provide flexibility for future expansion as well as serve as an investment opportunity.
The company said the acquisition was funded primarily through a draw from the company’s unsecured revolving credit facility.
Topics Mergers & Acquisitions Property
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