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Press Release

W. P. Carey Closes $51 Million Acquisition of Four Industrial Facilities Leased to Flanders Corporation

Company Release - 4/27/2011 8:00 AM ET

NEW YORK, NY -- (MARKET WIRE) -- 04/27/11 -- 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 closed on the $51 million acquisition of four industrial facilities leased on a long term basis to Flanders Corporation. The four facilities totaling 1.4 million square feet are located in Bartow, FL, Ardmore, OK, Smithfield, NC and Momence, IL.

Founded in 1950, Flanders (OTCQX: FLDR) is one of the largest manufacturers of air filters and related products in the United States. Its products are utilized by many industries including those associated with commercial and residential heating, ventilation and air conditioning systems (commonly known as "HVAC" systems), semiconductor manufacturing, ultra-pure materials, chemical, biological, radiological and material processing, biotechnology, pharmaceuticals, synthetics, nuclear power and nuclear materials processing. Flanders announced on Friday that its Board of Directors has engaged Oppenheimer & Co., Inc. as its exclusive financial advisor in connection with a review of strategic alternatives with the objective of enhancing shareholder value. For further information on Flanders and its products, visit http://www.flanderscorp.com/.

W. P. Carey Managing Director Gino Sabatini commented, "We are thrilled to complete this transaction with Flanders and provide financing that will enable them to pay down debt and fund expansion costs for two of the facilities acquired. Working with the company's management team we were impressed by their ability to implement sales, operating and automation initiatives that have resulted in improved profits and operating performance. We believe that the implementation of these initiatives combined with the long term financing provided by the acquisition of these properties will enable the company to compete successfully today, support future growth, and provide a strong financial platform with respect to strategic alternatives they may be exploring currently or in the future."

Flanders CEO Harry Smith added, "We believe that the market for air filtration will be driven by a trend toward higher efficiency filters for residential, commercial and industrial applications. As a company, we believe we are well positioned to capitalize on this trend. The W. P. Carey team was able to not only understand the current drivers of our business but also recognize how the initiatives we have implemented will enable us to benefit from this trend over time. Consequently, in structuring the acquisition they were able to successfully align the long term investing objectives of their investors with Flanders' long term business strategy."

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 280 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.

Kristina McMenamin
W. P. Carey & Co. LLC
Email Contact

Guy Lawrence
Ross & Lawrence
Email Contact

Source: W. P. Carey & Co. LLC


Investor Contacts

Institutional Investors

Peter Sands
Director of Institutional IR
W. P. Carey Inc.
1 (212) 492-1110

Capital Markets

Jeremiah Gregory
Head of Capital Markets
W. P. Carey Inc.
1 (212) 492-1135

Individual Investors

Investor Relations Department
1 (800) WP CAREY (972-2739)

Transfer Agent

W. P. Carey Inc.
Shareowner Services
PO Box 505000
Louisville, KY 40233-5000
1 (888) 200-8690

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