SOURCE: W. P. Carey & Co. LLC

W. P. Carey & Co. LLC

April 12, 2011 08:00 ET

W. P. Carey First Quarter Investment Volume Exceeds $340 Million

NEW YORK, NY and LONDON--(Marketwire - Apr 12, 2011) - Investment firm W. P. Carey & Co. LLC (NYSE: WPC) announced today that it completed more than $340 million of property investments in the first quarter of 2011. The transactions involved fifteen facilities containing more than 22 million square feet. The facilities were acquired on behalf of its publicly-held, non-traded REIT affiliates, including CPA®:17 - Global Incorporated.

The transactions completed during the first quarter included both domestic and international investments, comprising assets leased on a long term basis to tenants including Curtiss-Wright, Harbor Freight Tools, Dutch supermarket company C1000 and a U.S. private equity firm portfolio company in the cold storage industry. The company also provided build to suit financing for three Dollar General retail stores as part of an ongoing financing program for developers of Dollar General facilities.

In addition, W. P. Carey & Co. LLC leased an office building at 340 Main Street in Venice, California to Google Inc. The iconic "Binoculars Building," designed by Frank Gehry, was constructed in 1991 as the headquarters for advertising agency Chiat/Day. The lease in Venice is part of Google's recently announced growth initiative, with more than 6,000 employees to be added this year.

The transactions are consistent with W. P. Carey's long term strategy of acquiring diversified, mission critical assets of credit worthy companies, leased on a long-term basis, and managing existing portfolio assets in order to provide current income and preservation of capital to W. P. Carey & Co. LLC and its CPA® series of income-generating, non-traded REITs.

Commenting on these activities, W. P. Carey President and CEO Trevor Bond noted,
"Our first quarter activity demonstrates W. P. Carey's continued ability not only to invest in transactions with attractive risk adjusted returns, but also to actively manage our existing asset base to enhance value for our investors. These acquisition and leasing activities show the range and diversity of opportunities we can access because of our strong position in the industry and the depth of our investment and asset management teams, both domestically and overseas."

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 of approximately $10.5 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 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.

To arrange interviews with executives of W. P. Carey & Co. LLC, please contact Guy Lawrence at 212-308-3333 or gblawrence@rosslawpr.com

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

    EUROPE CONTACT:
    Rosanne Perry/Guy Scarborough
    +44 207 861 3232
    Email Contact