SOURCE: W. P. Carey & Co. LLC

March 12, 2008 09:15 ET

The W. P. Carey Group Purchases the Real Property Assets of Briggs Nursery in Elma, Washington

NEW YORK, NY--(Marketwire - March 12, 2008) - Investment firm W. P. Carey & Co. LLC (NYSE: WPC) announced today that CPA®:16 - Global, its publicly held non-traded REIT affiliate, purchased the real property assets of Briggs Nursery as part of the acquisition of the Briggs business by an affiliate of The Spring Garden Group, Inc. The real property assets, located in Elma, Washington, will be leased back to Briggs Nursery, LLC on a long-term basis.

Briggs is the world's largest producer of tissue culture plantlets and liners, also known as "starter plants," for the woody ornamental category and the largest rhododendron introducer and producer in the world. Other products sold to regional growers nationwide include broad leaf evergreens and flowering plants, such as kalmias, azaleas, lilacs and perennials. Currently, Briggs Nursery grows over 1,000 plant varieties.

The CPA®:16 - Global purchase comprises approximately 400 acres together with over 1,000,000 square feet of facilities, including a tissue lab, two high technology greenhouses, a series of other greenhouses used to grow plants into larger sizes, and storage and office space.

"Briggs has been in the nursery business for almost a century," said Jack Hesse, Chairman of The Spring Garden Group. "We are excited at the opportunity to add Briggs to Spring Garden's portfolio and look forward to growing its business. The sale-leaseback transaction with W. P. Carey is an essential component of the buyout. The Carey team's professional approach and financial skills enabled them to understand the economics of the business and structure a financing that met our timing, financial and operational requirements."

"We were pleased to work with Briggs on this transaction," said Jason Fox, Executive Director at W. P. Carey. "Diversification of our portfolios by region, property type and industry is one of our core investment parameters and a major component of our long-term growth strategy. The plant nursery business adds a new element of diversification to CPA®:16 - Global's already diverse portfolio and we are excited to have Briggs as a long-term tenant."

W. P. Carey & Co. LLC

W. P. Carey & Co. LLC provides long-term sale-leaseback and build-to-suit financing for companies worldwide and manages a global investment portfolio worth more than $10 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 release capital tied up in real estate assets. Now in our 35th year, the W. P. Carey Group's real estate holdings are highly diversified, comprised of more than 850 commercial and industrial assets spanning 24 industries and 14 countries. 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 CONTACT:
    Guy Lawrence
    Ross & Lawrence
    212-308-3333
    Email Contact