NEW YORK, NY -- (MARKET WIRE) -- 10/15/09 --
Investment firm W. P. Carey & Co. LLC (NYSE: WPC) today announced that its publicly-held, non-traded REIT affiliate,
CPA®:17 - Global, has entered into a sale-leaseback
transaction with the OBI Group (OBI) totaling approximately EUR 10
million ($15 million).
This is the fourth sale-leaseback W. P. Carey has arranged with the OBI
Group over the last four years, providing OBI with more than $200
million of total financing. One of the leading (do-it-yourself) DIY
retailers in the world, OBI currently operates more than 530 stores in
Central and Eastern Europe and is looking to further expand in this region.
Located on an 8.6 acre site in Gorzow Wielkopolsi, Poland, the property
acquired comprises approximately 128,000 square feet in two retail
facilities. One facility serves as an additional DIY retail store for OBI
while the second is subleased to market leading European consumer
electronics retailer MediaMarkt, owned by German retail group METRO AG.
Sergio Giroldi, Chief Executive Officer of OBI said:
"The sale-leaseback transactions we've completed with W. P. Carey over the
past four years have continued to play a significant role in supporting our
growth initiatives. Despite the vagaries of the capital markets, the W. P.
Carey team has been able to consistently structure transactions that adapt
to our operational and financial needs, and in this case allowed us to
include the development of a facility for MediaMarkt, which complements our
own operation. Our confidence in W. P. Carey as a steady source of capital
has allowed us to effectively manage our core business and provide a
financial platform for executing our ongoing development strategy."
"Working with OBI on an ongoing basis and continuing to grow our
relationship with the company is another example of our philosophy of
investing over the long-term," said Arvi Luoma, the acquisitions officer
who worked on the deal. "Follow-on transactions with companies like OBI
that meet our investment criteria have allowed us to expand our portfolio
in Eastern Europe while adhering to our overall risk management parameters.
This type of transaction demonstrates how the sale-leaseback can be
structured to provide a source of liquidity that meets the specific
development needs of a tenant at a point in the economic and credit market
cycles when other types of financing are less available."
This transaction follows the £16m sale-leaseback with
UK transport provider National Express Ltd., announced on 28 September, for
National's main coach terminal and office headquarters.
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 approaching $10
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 300 long-term corporate obligors
spanning 28 industries and 15 countries.
Individuals interested in receiving future updates on W. P. Carey via
e-mail can register at www.wpcarey.com/alerts.
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.
For W. P. Carey & Co. LLC:
Guy Lawrence
Ross & Lawrence
212-308-3333
Email Contact
Kristina McMenamin
212-492-8995
Email Contact
Daniel de Belder/Rosanne Perry
Bell Pottinger
00 44 207 861 3232
Email Contact
This press release can be downloaded from http://www.wpcarey.com