NEW YORK, NY -- (MARKET WIRE) -- 09/28/09 --
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 UK public transport provider National Express Ltd. (NEL)
totaling approximately £16 million ($26 million), including acquisition
fees.
The property acquired comprises over 38,000 square feet and will house
National Express' main coach terminal. In addition, the office space at
the facility -- located in Digbeth, Birmingham, UK -- will serve as NEL's
Corporate Headquarters. This facility has been the main hub of National
Express' coach service since the Group acquired the site in the 1980s and
is strategically important to the operation of the Group's UK business.
The lease will commence following the anticipated completion of the
facility in December 2009 and has a term of 25 years.
Jennifer Walsh, Vice President of W. P. Carey International, said:
"We are very pleased to be working with National Express and to have
acquired such a unique asset which is critical to the operation of one of
its strongest divisions. This transaction further cements our presence in
the UK and clearly demonstrates our strategy of helping quality companies
unlock the capital in their real estate. In the current economic
environment, W. P. Carey continues to actively seek sale-leaseback
opportunities that are consistent with our defensive, risk
management-driven investment strategy and adhere to our philosophy of
investing for the long run."
About 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. In March 2009, W. P. Carey closed
a $225 million transaction with The New York Times Company'sNew York-based
Headquarters.
http://www.wpcarey.com
About National Express Ltd:
National Express Limited operates the only national, scheduled coach
service in the United Kingdom, serving approximately 1,700 destinations.
The Company provides a large, integrated network of scheduled services
based around nine hubs (London, Birmingham, Manchester, Leeds, Bristol,
Heathrow, Gatwick, Stansted and Glasgow). The office space at the Facility
will serve as the new headquarters for NEL.
National Express Group PLC is the parent of National Express Limited.
www.nationalexpress.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.
Contacts:
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 www.wpcarey.com