NEW YORK, NY -- (MARKET WIRE) -- 09/09/09 --
Investment firm W. P. Carey & Co. LLC (NYSE: WPC) and its REIT affiliates, CPA®:16 - Global and CPA®:17 - Global,
announced today that they have closed approximately $120 million in
non-recourse debt financing for their previously announced sale-leaseback
transaction for The New York Times Company's Midtown Manhattan
headquarters. The financing was provided by the Bank of China New York
Branch.
In addition, W. P. Carey announced that since September 2008, the firm has
closed approximately $260 million in additional non-recourse debt
financings secured by other properties owned by W. P. Carey and its
publicly held non-traded REIT affiliates, CPA®:14, CPA®:15, CPA®:16 -
Global and CPA®:17 - Global.
"Given the ongoing challenges of the debt markets, we are very pleased to
have closed $380 million in non-recourse financings. We believe that our
investment strategy of acquiring income producing, mission critical assets
and financing them with moderately leveraged non-recourse financing has
positioned us well to weather these challenging times," said Gordon DuGan,
President and CEO of W. P. Carey.
W. P. Carey & Co. LLC
W. P. Carey & Co. LLC 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. http://www.wpcarey.com
Individuals interested in receiving future updates on W. P. Carey via
e-mail can register at http://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.
COMPANY CONTACT:
Kristina McMenamin
W. P. Carey & Co. LLC
212-492-8995
Email Contact
PRESS CONTACT:
Guy Lawrence
Ross & Lawrence
212-308-3333
Email Contact