SOURCE: W. P. Carey & Co. LLC

September 14, 2005 10:45 ET

W. P. Carey Acquires Bob's Discount Furniture Distribution Facility in $22 Million Sale-Leaseback

NEW YORK, NY -- (MARKET WIRE) -- September 14, 2005 -- Investment firm W. P. Carey & Co. LLC (NYSE: WPC) announced today that it acquired and leased back a warehouse distribution facility from Bob's Discount Furniture, LLC, for $10.3 million. In addition, W. P. Carey announced that it would provide an additional $12.3 million to fund the expansion of this facility, bringing the total cost of the transaction to approximately $22.6 million. Funds advised by Apax Partners invested in Bob's Discount Furniture in January 2005.

The facility, located in Norwich, CT, was acquired on behalf of Corporate Property Associates 16 - Global Incorporated (CPA®:16 - Global), a member of the $7.4 billion W. P. Carey Group of income generating real estate funds. Bob's Discount Furniture will lease the facility for an initial period of 20 years.

Edward V. LaPuma, a Managing Director at W. P. Carey & Co. LLC, said, "This transaction highlights how the sale-leaseback can be utilized to convert fixed assets into working capital. Bob's Discount Furniture will be able to use the proceeds of this transaction to fund the expansion of the facility and support the company's growth initiative."

Bob Kaufman, President of Bob's Discount Furniture, said, "We look forward to a long-term partnership with W. P. Carey and appreciate the flexibility this transaction has given us to reinvest our capital in our core business."

APAX PARTNERS

Apax Partners is one of the world's leading private equity investment groups, operating across the United States, Europe and Israel. Apax Partners has raised or advised approximately $20 billion around the world. With more than 35 years of direct investing experience, Apax Partners' Funds provide long-term equity financing to build and strengthen world-class companies. It pursues a multi-stage equity investment strategy, investing in late venture, growth capital and buyouts.

Apax Partners' Funds invest in companies across its global sectors of Tech & Telecom, Retail & Consumer, Media, Healthcare and Financial & Business Services. www.apax.com

BOB'S DISCOUNT FURNITURE

Bob's Discount Furniture is a rapidly growing home furniture retailer with strong regional brand awareness and customer appeal due to its unique shopping environment, commitment to customer service, and everyday low prices. First-time visitors are pleasantly surprised by the comfortable atmosphere and vast selection of quality furniture. All of Bob's stores have complimentary cafés featuring gourmet coffee, fresh baked cookies and candy and some have home theaters and video arcades. Bob Kaufman, President, and Cathy Poulin, Public Relations Director, supply their own quirky talent for the company's television and radio advertisements, as they invite customers to "Come on down!" www.mybobs.com

W. P. CAREY & CO. LLC

Founded in 1973, W. P. Carey & Co. LLC specializes in helping companies and private equity firms realize the capital tied up in their real estate assets. Whether used for buyouts, add-on acquisitions, recapitalizations or growth, net lease financing provides access to 100% of the real estate's value enabling companies to maintain complete operational control. Acting as principals in transactions from $5 million to $500 million, W. P. Carey and its affiliates have committed approximately $3 billion over the last three years and now manage more than $7.4 billion in assets. www.wpcarey.com/finance

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