SOURCE: W. P. Carey & Co. LLC

June 16, 2008 09:15 ET

W. P. Carey to Open Amsterdam Office to Support Growing European Expansion

NEW YORK, NY--(Marketwire - June 16, 2008) - As W. P. Carey (NYSE: WPC) celebrates its 35th anniversary and its 10th year of investing in Europe, the international financing and investment firm announced plans to open a second European office in Amsterdam to establish a European base for the management of its growing European property portfolio. The existing London-based team will continue to focus on the Investment side of the firm's European business.

W. P. Carey has a global portfolio exceeding $10 billion in assets and assets under management in Europe are approaching $3 billion. The firm has decided to open an office in Amsterdam in order to manage the increasing asset base generated by the volume of European investments.

Listed on the New York Stock Exchange, the firm specialises in providing long-term sale-leaseback financing for companies looking to grow their businesses, expand their facilities or pay down debt. In the current economic climate, this is proving an increasingly attractive source of financing for companies looking to raise and redeploy capital.

At a time when capital is more difficult to obtain, this positions W. P. Carey as an attractive proposition and, in many ways, demonstrates that it is able to buck the trend and indeed benefit from the turmoil in today's financial markets.

The firm has grown significantly over the past three decades. Assets under management have tripled since 2001 and increased 15% from last year. In 2007, $1.1bn of transactions were completed, including investments in nine industries and six countries. Investments are not restricted to any particular industry sectors; the firm seeks the most attractive risk/return opportunities.

The sale-leaseback industry is very large and growing on a global basis. However, while the US sale-leaseback annual transaction volume is estimated at $11bn, Jones Lang LaSalle has estimated that Europe's is significantly greater at more than Euros 30 billion. This presents an enormous opportunity for the firm to increase its market share across Europe.

Despite turbulent market conditions, W. P. Carey has succeeded in raising funds for its managed programs. At a time when many investors have pulled up the drawstrings both in the United States and Europe, W. P. Carey's market-tested, disciplined investment philosophy of seeking investments that provide steady income and capital preservation over the longer term continues to attract investors.

Gordon DuGan, Chief Executive and President of W. P. Carey:

"We are not just dipping our toes into Europe; we have invested here for 10 years. Given the success we have enjoyed and the greater size of the sale-leaseback market outside of the US, we are positioning ourselves to further our European expansion and manage our increasingly global portfolio."

About W. P. Carey

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 28 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

  • Enquiries:

    Susan Hyde
    W. P. Carey
    + 1 212-492-1151

    Rosanne Perry
    Bell Pottinger
    +44 (0)20 7861 3232