NEW YORK, NY -- (MARKET WIRE) -- 12/09/09 --
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 purchased the North American headquarters
of Mori Seiki Co. Ltd., located in Hoffman Estates, Illinois. The newly
completed building was developed and constructed by national real estate
developer McShane Development Company. CPA®:17 - Global purchased the
facility, which is leased to Mori Seiki on a long-term basis, for a total
of approximately $33 million.
Founded in 1948, Mori Seiki has
grown to become one of the largest manufacturers of machine tools in the
world. They offer over 200 models, including Computer Numeric Control (CNC)
lathes, multi-axis turning centers, and a multitude of other machine tools
designed to increase customer productivity and efficiency. Mori Seiki
operates 51 facilities in 22 countries and has an installed base of over
180,000 machines in 67 countries. Mori Seiki is rated A [Stable] by Rating
and Investment Information, Inc., a prominent Japanese rating agency.
Commenting on the acquisition, W. P. Carey Managing Director Gino Sabatini
noted, "Mori Seiki is an established market leader in the machine tool
industry, and their North American headquarters facility is a high quality
asset that is critical to their business and located in one of Chicago's
prime corporate areas. We feel this acquisition is a strong addition to
our portfolio and is indicative of how real estate leased to solid tenants
can, even in the current market, provide liquidity to its owners."
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.
http://www.wpcarey.com
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