NEW YORK – December 19, 2006 - Investment firm W. P. Carey & Co. LLC (NYSE: WPC) announced today that it has completed the acquisition of an approximately 280,000-square-foot office facility in Washington Township, Michigan, from TRW Vehicle Safety Systems Inc. Comprised of two high quality office buildings located in a northern suburb of Detroit, the facility, which is leased to TRW Vehicle Safety Systems, houses engineering labs and related services. W. P. Carey’s affiliated income generating real estate fund, Corporate Property Associates 16 - Global Incorporated (CPA®:16 - Global), acquired the facilities.
Gino Sabatini, a Director at W. P. Carey, said, “Consistent with the trend of corporate property owners converting real estate assets into cash for redeployment in other areas of their business, our goal in this transaction was to maximize current cash proceeds to TRW Vehicle Safety Systems while allowing the company to maintain long term control of the facility for operating purposes. Over the course of the transaction we worked closely with the company in analyzing and determining the value of these real estate assets.”
W. P. CAREY & CO. LLC
Founded in 1973, W. P. Carey & Co. LLC is a leading global real estate investment firm. The Company provides asset management services to its CPA® series of income generating real estate funds. With over $4 billion in equity capital, the W. P. Carey Group is one of the largest providers of net lease financing for corporations worldwide. The Group owns more than 700 commercial and industrial properties in 13 countries, representing approximately 94 million square feet, valued at approximately $8 billion. www.wpcarey.com
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.
