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Press Release

W. P. Carey Closes Sale-Leaseback Financing With Blue Cross and Blue Shield of Minnesota

Company Release - 1/30/2012 8:00 AM ET

NEW YORK, NY -- (MARKET WIRE) -- 01/30/12 -- 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 a sale-leaseback financing with Blue Cross and Blue Shield of Minnesota ("Blue Cross of Minnesota"). The properties acquired include six buildings located at Blue Cross of Minnesota's headquarters campus in suburban Minneapolis/St. Paul, as well as individual properties located in the cities of Aurora and Virginia, also in Minnesota. The eight office facilities, which total approximately 1.1 million square feet, have been leased to Blue Cross of Minnesota under a long term triple net lease.

Blue Cross of Minnesota was chartered in 1933 as Minnesota's first health plan and continues to carry out its charter mission today as a health company: promoting a wider, more economical and timely availability of health services for the people of Minnesota. Blue Cross of Minnesota is an independent licensee of the Blue Cross and Blue Shield Association, a not-for-profit, taxable organization headquartered in Chicago.

Commenting on the financing, W. P. Carey Managing Director Gino Sabatini noted, "The acquisition of these properties represents what we believe will be a solid income producing addition to the CPA®:17 - Global portfolio. At the same time the financing is an excellent example of our ability and capacity to be a substantial long term source of capital to companies looking to strategically grow their businesses. As the market leader for health insurance in the State of Minnesota, we are pleased to add Blue Cross of Minnesota to our CPA®:17 - Global tenant roster."

Pamela Sedmak, Chief Financial Officer of Blue Cross of Minnesota, added, "A long term sale-leaseback was the logical financing option for redeploying the illiquid capital tied up in our real estate holdings to fund strategic initiatives that enable us to improve the health and wellness of our members and all Minnesotans. W. P. Carey's ability to structure a lease that met our criteria and provided an attractive valuation for our real estate assets is allowing us to advance strategic components of our business plan while partnering with an established long term investor."

Reed Smith LLP represented CPA®:17 - Global as real estate counsel and Oppenheimer Wolff & Donnelly LLP represented Blue Cross Blue Shield of Minnesota.

W. P. Carey & Co. LLC
W. P. Carey & Co. LLC (NYSE: WPC) is an investment management company that oversees a global investment portfolio of $12 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 288 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. The amount of financing is preliminary and may be subject to adjustment.

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

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