NEW YORK, NY – July 24, 2007 – Investment firm W. P. Carey & Co. LLC (NYSE: WPC) announced today that it has completed a $42.7 million sale-leaseback (including transaction costs) with Universal Technical Institute (NYSE:UTI) on behalf of its publicly held, non-traded REIT, CPA®:16 – Global. Since 1993, W. P. Carey has invested more than $140 million in UTI on behalf of various funds.
Founded in 1965, UTI is a provider of post-secondary education courses to students interested in pursuing careers in automotive, diesel, collision repair, motorcycle, and marine technologies. The 245,000 square foot facility, located in Sacramento, California, is one of UTI’s ten campuses across the United States.
“This is the eighth transaction we have completed with W. P. Carey,” said UTI’s Chief Financial Officer, Jennifer Haslip. “We have had a long standing relationship with W. P. Carey and they have consistently supported our company’s goals.”
“The relationship we’ve cultivated with UTI is the kind of relationship we’d like to develop with all of our tenants,” said Chad F. Edmonson, Vice President at W. P. Carey. “We were part of UTI’s financing solution in 1993 when it was partially owned by a private equity firm, and we continue to be a part of it today as a public company. It’s something we’re extremely proud of here at W. P. Carey.”
W. P. Carey & Co. LLC
Founded in 1973, W. P. Carey & Co. LLC is a leading global provider of long-term net lease financing for companies worldwide. With $9.2 billion in assets and $5 billion in equity capital, the Company and its CPA® series of income generating real estate funds specialize in helping companies and private equity firms realize the capital tied up in their real estate assets. The W. P. Carey Group owns more than 850 commercial and industrial properties in 14 countries, representing approximately 100 million square feet. www.wpcarey.com
Individuals interested in receiving future updates on W. P. Carey via e-mail can register at www.wpcarey.com/alerts.
This press release contains forward-looking statements within the meaning of the Federal securities laws. A number of factors could cause the company's actual results, performance or achievement to differ materially from those anticipated. Among those risks, trends and uncertainties are the general economic climate; the supply of and demand for office and industrial properties; interest rate levels; the availability of financing; and other risks associated with the acquisition and ownership of properties, including risks that the tenants will not pay rent, or that costs may be greater than anticipated. For further information on factors that could impact the company, reference is made to the company's filings with the Securities and Exchange Commission.
W. P. Carey & Co. LLC
50 Rockefeller Plaza
New York, NY 10020
www.wpcarey.com
