NEW YORK, NY, September 22, 2004 – Investment firm W. P. Carey & Co. LLC (NYSE: WPC) announced today that it acquired eight manufacturing facilities, located in seven states and Canada, from a leading North American manufacturer of residential exterior building products for $37.7 million. This transaction represents the Company’s first acquisition in Canada and adds to the W. P. Carey Group’s growing portfolio of net-leased properties. The Group owns more than 95 million square feet located throughout North America and Europe, of which 33 million square feet is manufacturing space.
The transaction was completed on behalf of Corporate Properties Associates 16 – Global (CPA®:16 - Global), an affiliated income generating real estate investment trust (REIT). The facilities, located in Calgary, Alberta; Kearney, MO; York, NE; Fair Bluff, NC; Wallbridge, OH; Middlesex, PA; Rocky Mount, VA and Martinsburg, WV, total more than two million square feet. The sale-leaseback transaction provided acquisition financing to the tenant.
Gordon F. DuGan, President of W. P. Carey & Co. LLC, said, “This transaction reflects our continued interest in acquiring quality manufacturing space and represents another example of how sale-leaseback financing can help a company grow and expand its business. This sale-leaseback will provide add-on acquisition financing to our tenant, which will enable it to increase its market share in the exterior building products industry.”
W. P. CAREY & CO. LLC
Founded in 1973, W. P. Carey & Co. LLC specializes in helping companies and private equity firms realize the capital tied up in their real estate assets. Whether used for debt reduction, buyouts, add-on acquisitions, recapitalizations or growth, sale-leaseback financing provides access to 100% of the real estate's value, while maintaining complete operational control. Acting as principal in transactions from $5 million to $500 million, W. P. Carey and its affiliates have committed over $2 billion in the last two years and now manage approximately $7 billion in assets.
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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.
