W. P. Carey Group Provides Sale-Leaseback Financing to Mantsinen Group
New York, NY – April 14, 2008 – Investment firm W. P. Carey & Co. LLC (NYSE: WPC) announced today that CPA®:16 – Global, its publicly held non-traded REIT affiliate, has provided approximately $18 million in sale-leaseback financing to Finnish machinery production company, Mantsinen Group.
CPA®:16 – Global purchased and leased back Mantsinen’s office headquarters and industrial site in Ylämylly, Finland on a long-term basis. Mantsinen, founded in 1974, produces material handling machinery and mobile harbor cranes and offers comprehensive logistics planning services to clients in the forestry, steel and port industries. Employing over 550 people worldwide, Mantsinen has sales representatives in Europe, North America, the Middle East and Asia and growing business operations in Russia and the Baltics. Mantsinen’s clients include Stora Enso, UPM, International Paper, John Deere and Finnish logistics and transport services provider John Nurminen, another CPA®:16 – Global tenant.
“Like W. P. Carey, Mantsinen Group is focused on building long-term relationships with our clients around the globe,” said Ari Hakkarainen, President and CEO of Mantsinen Group. “The sale-leaseback transaction with W. P. Carey is enabling us to recapitalize our balance sheet and pursue a number of growth initiatives further down the road, including expansion into Russia. Their analysis and understanding of the inherent value and significant growth potential for our business allowed W. P. Carey to structure a transaction that met our needs and objectives.”
“W. P. Carey’s sale-leaseback with Mantsinen represents our continuing ability to get deals done in this tough financing environment. Globally and in Europe, our focus is to reach out to solid companies with defined business strategies whose long term business objectives are consistent with our investment parameters. Mantsinen is a well-established Finnish company that is expanding into global markets and we are thrilled to have them as a long-term tenant,” said Edward V. LaPuma, President of W. P. Carey International.
W. P. Carey & Co. LLC
W. P. Carey & Co. LLC provides long-term sale-leaseback and build-to-suit financing for companies worldwide and manages a global investment portfolio worth more than $10 billion. Publicly traded on the New York Stock Exchange (WPC), W. P. Carey and its CPA® series of income-generating, non-traded REITs help companies and private equity firms release capital tied up in real estate assets. Now in our 35th year, the W. P. Carey Group’s real estate holdings are highly diversified, comprised of more than 850 commercial and industrial assets spanning 28 industries and 14 countries. www.wpcarey.com
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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.
