SOURCE: W. P. Carey & Co. LLC

W. P. Carey & Co. LLC

December 09, 2009 16:05 ET

W. P. Carey Group Closes $33 Million Acquisition of Mori Seiki North American Headquarters

NEW YORK, NY--(Marketwire - December 9, 2009) - 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 the North American headquarters of Mori Seiki Co. Ltd., located in Hoffman Estates, Illinois. The newly completed building was developed and constructed by national real estate developer McShane Development Company. CPA®:17 - Global purchased the facility, which is leased to Mori Seiki on a long-term basis, for a total of approximately $33 million.

Founded in 1948, Mori Seiki has grown to become one of the largest manufacturers of machine tools in the world. They offer over 200 models, including Computer Numeric Control (CNC) lathes, multi-axis turning centers, and a multitude of other machine tools designed to increase customer productivity and efficiency. Mori Seiki operates 51 facilities in 22 countries and has an installed base of over 180,000 machines in 67 countries. Mori Seiki is rated A [Stable] by Rating and Investment Information, Inc., a prominent Japanese rating agency.

Commenting on the acquisition, W. P. Carey Managing Director Gino Sabatini noted, "Mori Seiki is an established market leader in the machine tool industry, and their North American headquarters facility is a high quality asset that is critical to their business and located in one of Chicago's prime corporate areas. We feel this acquisition is a strong addition to our portfolio and is indicative of how real estate leased to solid tenants can, even in the current market, provide liquidity to its owners."

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