SOURCE: W. P. Carey & Co. LLC

January 29, 2008 09:15 ET

The W. P. Carey Group Completes Third Sale-Leaseback With German DIY Retailer, OBI

NEW YORK, NY--(Marketwire - January 29, 2008) - Investment firm W. P. Carey & Co. LLC (NYSE: WPC) announced today that it has acquired a retail facility in Wroclaw, Poland for approximately EUR 9.5 million.

This is the third sale-leaseback the W. P. Carey Group has arranged with the OBI Group over the last two years, providing approximately EUR 170 million in financing to the German Do-It-Yourself retailer. One of the leading DIY retailers in the world, OBI currently operates more than 500 stores in Central and Eastern Europe and is looking to further expand in this region.

"The sale-leaseback and build-to-suit transactions we've completed with W. P. Carey have played a significant role in supporting our growth initiatives over the past two years," said Sergio Giroldi, Chief Executive Officer of OBI. "We have been very happy with the relationship and the consistent quality of their market knowledge and financial structuring capabilities. Despite the vagaries of the capital markets, the sale-leaseback transactions with W. P. Carey have been a steady source of capital, allowing us to focus on our core business and evaluate our development strategy within the context of quantifiable financial parameters."

"Working with OBI has been a great experience for us," said Edward V. LaPuma, President of W. P. Carey International. "We love doing follow-on transactions with solid companies like OBI that meet our investment parameters. By reinforcing the consistency and efficiency of the sale-leaseback model at various points in the economic and credit market cycles, these types of follow-on transactions hopefully encourage other companies to look at the sale-leaseback as a constant, available and attractive financing alternative."

W. P. Carey has been an increasingly active sale-leaseback financier in Europe. In 2007, the Company completed more than EUR 450 million in transactions in Germany, Finland, France and Poland.

W. P. Carey & Co. LLC

Founded in 1973, W. P. Carey & Co. LLC is a leading global provider of long-term net lease financing for companies worldwide. With approximately $9.7 billion (EUR 6.8 billion) in assets and over $5 billion (EUR 3.5 billion) in equity capital, the Company and its CPA® series of income generating real estate funds specialize in helping companies and private equity firms realize the capital tied up in their real estate assets. The W. P. Carey Group owns more than 850 commercial and industrial properties in 14 countries, representing approximately 100 million square feet (30.5 million square meters). www.wpcarey.com

Individuals interested in receiving future updates on W. P. Carey via e-mail can register at www.wpcarey.com/alerts.

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 CONTACTS:
    Nicole Marino / Lutz Golsch
    Financial Dynamics
    phone: +44 (0)207 269 7238 / +49 69 92037 110
    Email Contact / Email Contact