NEW YORK, NY, November 16, 2005 - Investment firm W. P. Carey & Co. LLC (NYSE: WPC) announced today that it has acquired a Paris office facility, utilized by the French Government and the Paris Police Department, for approximately $107 million (EUR 88 million).
W. P. Carey acquired the facility on behalf of its affiliated income generating real estate funds, Corporate Property Associates 16 - Global (CPA®:16 - Global) and Corporate Property Associates 15 (CPA®:15). The two companies each own a 50% interest in the facility.
The facility, which is subject to a long lease term, serves as the citywide headquarters for the Paris Traffic Department, as well as a local police headquarters. It was renovated in 2004 and includes 363 indoor parking spaces on five underground floors.
This latest acquisition adds to W. P. Carey’s rapidly growing portfolio of managed properties throughout Europe and Asia consisting of more than 15 million square feet. Among the transactions completed by the W. P. Carey Group over the past ten months were: Carrefour (France); Hellweg Die Profi-Baumärkte GmbH & Co. KG, (Germany); Integrated Distribution Systems (Thailand); J McGavigan Limited (Scotland); John Nurminen Oy (Finland); Metokote Corporation (Canada and Mexico) and Pohjola Non-Life Insurance Company Ltd. (Finland).
Edward V. LaPuma, President of W. P. Carey International, said, “This transaction represents our continued interest in the international real estate market and is reflective of our ability to find attractive yield investments for our CPA® investors. As we grow our international portfolio, we continue to benefit from our reputation as a leading provider of net lease financing worldwide. We are proud of this transaction and are pleased to have the French Government as the newest tenant in our CPA®:16 - Global and CPA®:15 portfolios.”
W. P. CAREY & CO. LLC
Founded in 1973, W. P. Carey & Co. LLC specializes in helping companies and private equity firms realize the capital tied up in their real estate assets. Whether used for buyouts, add-on acquisitions, recapitalizations or growth, net lease financing provides access to 100% of the real estate's value enabling companies to maintain complete operational control. Acting as principals in transactions from $5 million to $500 million, W. P. Carey and its affiliates have committed approximately $3 billion over the last three years and now manage more than $7.4 billion in assets. www.wpcarey.com/finance
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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.