SOURCE: W. P. Carey & Co. LLC

W. P. Carey & Co. LLC

September 14, 2011 08:00 ET

W. P. Carey Announces $46 Million Acquisition of Nine Self Storage Properties

NEW YORK, NY--(Marketwire - Sep 14, 2011) - 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 acquired nine self storage facilities from A-American Self Storage. The properties comprise a total of approximately 662,000 square feet and are located in California, Illinois and Hawaii. The total purchase price was approximately $46 million. Four properties are located in California, two in Hawaii and three in Illinois. The California and Hawaii properties will be managed by Extra Space Storage, and the Illinois properties will be managed by SecurCare Self Storage.

Commenting on the investment, W. P. Carey President and CEO Trevor Bond noted, "We're pleased to further leverage our expertise in the self-storage space by adding these properties as a follow on to our recent acquisition of 24 storage properties -- all of which are expected to provide consistent long-term income and diversification to our managed funds."

Anne Coolidge Taylor, Managing Director and Head of W. P. Carey's self storage team, commented, "Having been involved with self storage since our 2004 acquisition of 78 U-Haul facilities, we continue to be attracted to this space, largely because of its resilience during various economic cycles. The relationships we have established with seasoned players provide us with the capability to identify and purchase good assets and manage them on a day-to-day basis, with oversight by our own team."

W. P. Carey Director Liz Raun Schlesinger added, "Having completed a recent transaction with A-American, we were able to efficiently work through the closing of these facilities. We believe we will be able to maximize the performance of these properties through the combination of our own team and the management expertise of both Extra Space Storage and SecurCare Self Storage."

Reed Smith LLP represented CPA®:17 - Global as general real estate and transaction counsel in connection with the acquisition and financing of the portfolio.

About W. P. Carey
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 of approximately $11.5 billion. Publicly traded on the New York Stock Exchange, 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 275 long term corporate obligors spanning 28 industries and 17 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:
    Cheryl Perry
    W. P. Carey & Co. LLC
    212-492-8995
    Email Contact

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