SOURCE: W. P. Carey & Co. LLC

W. P. Carey & Co. LLC

February 11, 2010 09:15 ET

The W. P. Carey Group Acquires Curtiss-Wright Ohio Facilities

NEW YORK, NY--(Marketwire - February 11, 2010) - Investment firm W. P. Carey & Co. LLC (NYSE: WPC) announced today that CPA®:17 - Global, one of its publicly held non-traded REIT affiliates, has purchased two manufacturing facilities leased to a division of Curtiss-Wright Corporation (NYSE: CW) for approximately $13.8 million. The facilities, located outside Cleveland and in Cincinnati, Ohio, comprise approximately 145,000 square feet and are leased to Curtiss-Wright Flow Control Service Corp. under a long-term lease.

Founded in 1929 with a history dating back to the Wright brothers' first flight, Curtiss-Wright designs, manufactures and overhauls precision components and systems for the aerospace, defense, shipbuilding, oil, agricultural equipment, railroad, power generation and metalworking industries. Examples of some of their products are: the sealed valves and critical function pumps used in the nuclear propulsion system of U.S. Navy submarines and aircraft carriers, radar warning receiver systems on military helicopters such as the Apache and the Black Hawk, pressure-relief valves in oil pipelines, actuation systems that enable an aircraft to take off and land at lower speeds, and aircraft fire protection, smoke detection and suppression systems.

Commenting on the acquisition, W. P. Carey Managing Director Gino Sabatini noted, "Our purchase of the Curtiss-Wright facilities is a solid addition to the CPA®:17 - Global portfolio and increases the portfolio's diversification. Curtiss-Wright has been a market leader in the defense, energy, and commercial aerospace industries for over half a century, and we are proud to have them as a long-term tenant."

W. P. Carey & Co. LLC

W. P. Carey & Co. LLC (NYSE: WPC) is an investment management company that provides long-term sale-leaseback and build-to-suit financing for companies worldwide and manages a global investment portfolio approaching $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 unlock capital tied up in real estate assets. The W. P. Carey Group's investments are highly diversified, comprising contractual agreements with approximately 300 long-term corporate obligors spanning 28 industries and 15 countries. http://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.

Contact Information

  • COMPANY CONTACT:
    Kristina McMenamin
    W. P. Carey & Co. LLC
    212-492-8995
    Email Contact

    PRESS CONTACT:
    Guy Lawrence
    Ross & Lawrence
    212-308-3333
    Email Contact