• Close

back to top

Press Release

W. P. Carey Announces $31 Million Acquisition of Nine Self Storage Properties

Company Release - 11/15/2011 8:00 AM ET

NEW YORK, NY -- (MARKET WIRE) -- 11/15/11 -- 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 acquired nine self storage facilities from A-American Self Storage. The properties comprise a total of approximately 623,000 square feet and are located in California and Illinois. The total purchase price was approximately $31 million. Five properties are located in California and four in Illinois. The California properties will be managed by Extra Space Storage, and the Illinois properties will be managed by SecurCare Self Storage. Together with W. P. Carey's previously announced acquisitions of 33 self storage properties from A-American Self Storage, the portfolio acquired to date comprises 42 properties totaling approximately 2.9 million square feet.

Commenting on the investment, W. P. Carey President and CEO Trevor Bond noted, "With the completion of these transactions with A-American, we have assembled a diverse portfolio of stable self storage assets with the objective of providing 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, "The A-American portfolio transactions have allowed us to build on our self storage experience and provide a solid base for additional transactions. The combination of our established relationships with seasoned players and our capabilities in structuring transactions and overseeing the day to day management of our portfolio should allow us to continue to identify, purchase and manage good assets."

W. P. Carey Director Liz Raun Schlesinger added, "Completing this tranche of the A-American acquisitions involved working with both the seller and multiple lenders on the properties that required loans to be assumed. Despite the complexity of the deal we have been able to efficiently work through all the details of closing on these facilities over the past four months. We look forward to combining the skills of our own team with the management expertise of both Extra Space Storage and SecurCare Self Storage to maximize the value of these assets for our investors."

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 oversees a global investment portfolio of approximately $11.8 billion. W. P. Carey provides companies worldwide with long term sale leaseback and build to suit financing and engages in other types of real estate-related investment. 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 284 long term corporate tenants spanning 28 industries and 18 countries. www.wpcarey.com

This press release contains forward-looking statements within the meaning of the Federal securities laws. A number of factors could cause W. P. Carey'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.

Cheryl Perry
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

Copyright 2019, © S&P Global Market Intelligence  Terms of Use