SOURCE: W. P. Carey & Co. LLC

May 11, 2005 09:00 ET

W. P. Carey Acquires Five Facilities for $58 Million

Acquisition Includes Boat Fabrication, Storage and Servicing Facilities in Three States

NEW YORK, NY -- (MARKET WIRE) -- May 11, 2005 -- Investment firm W. P. Carey & Co. LLC (NYSE: WPC) announced today that it acquired and leased back five boat fabrication, storage and servicing facilities from one of the premier yacht building and servicing businesses in the United States for $58.1 million.

The facilities, totaling approximately 473,000 square feet, will be leased for an initial period of 25 years, followed by two five-year and two ten-year renewal options.

W. P. Carey completed the transaction on behalf of Corporate Property Associates 16 - Global Incorporated (CPA®:16 - Global) and Corporate Property Associates 15 Incorporated (CPA®:15), both members of the $7 billion W. P. Carey Group of income-generating real estate funds.

Anne Coolidge Taylor, Managing Director at W. P. Carey & Co. LLC, said, "This sale-leaseback transaction reflects W. P. Carey's ability to meet the financing needs of companies no matter how specialized their industry. In this transaction, the company was able to convert their underlying real estate assets into capital to pay down debt, thus creating a stronger balance sheet and an improved financial structure. As the sale-leaseback becomes a more familiar form of financing, companies understand that in addition to the capital they receive, they are also entering into a long-term partnership. We are proud of this new partnership and are pleased to have this company as our latest tenant."


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 billion in assets.

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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.

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