• Close

back to top

Press Release

W. P. Carey Provides EUR 41 Million Build-to-Suit Financing in Croatia

More Than EUR 165 Million of Alternative Financing Provided in the CEE Region Since 2010

Company Release - 11/17/2011 2:00 AM ET

LONDON--(Marketwire - November 16, 2011) - W. P. Carey & Co. LLC (NYSE: WPC), the global investment management company specializing in corporate sale and leaseback and build to suit financing, today announced that one of its publicly-held non-traded REIT affiliates, CPA(R):17 - Global, has completed a EUR 41 million ($57 million) construction financing package for Austrian developer BOP. The financing will deliver 100% of the funds needed for the construction of three modern big-box retail sites in Croatia. When completed, the three sites will be long-term, triple-net leased to Konzum, who is a member of Agrokor Group, the largest private company in Croatia.

The Agrokor Group is one of the leading regional companies employing more than 35,000 people. The Agrokor Group's core businesses include the production and distribution of food and drinks as well as retail stores.

Total international assets under management by W. P. Carey outside the U.S. now total approximately $3.5 billion. Year-to-date, W. P. Carey has provided more than $650 million in alternative long term financing to companies throughout Europe.

Jones Lang Lasalle was an advisor to the transaction.

Jeffrey Lefleur, Managing Director of W. P. Carey, said:

"This transaction marks our second construction financing project in Eastern Europe in the last twelve months and our third tranche of long term investment with Agrokor. Our ability to fund 100% of the capital needed to complete the development of these retail sites highlights not only how we can provide alternative financing solutions to developers, but also shows the massive opportunity that we continue to see in Eastern Europe due to the lack of traditional bank construction financing."

Paul Wette, Managing Director of BOP Development, said:

"We are satisfied that we picked the correct financing partner to get this deal done. In an otherwise turbulent market, we believe W. P. Carey has a reliable capital base from which we can now fund the development of these facilities. Their financing solution allows us to surmount the typical challenges of securing forward-funding sources or short-term bank loans and instead focus on the construction of the new buildings."

About W. P. Carey & Co. LLC

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(R) 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.

        For W. P. Carey & Co. LLC:
        Dan de Belder/Rosanne Perry
        +44 207 861 3232

        Guy Lawrence
        Ross & Lawrence
        + 1 212-308-3333

        Cheryl Perry
        + 1 212-492-8995

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