NEW YORK, NY -- (MARKET WIRE) -- 12/23/09 --
Investment firm W. P. Carey & Co. LLC (NYSE: WPC)
announced today that CPA®:17 - Global, one of its publicly held non-traded
REIT affiliates, completed its first Spanish sale-leaseback transaction, acquiring a
portfolio of 13 retail facilities from Spanish supermarket operator Eroski
Sociedad Cooperativa ("Eroski"). CPA®:17 - Global purchased the
facilities for a total of approximately $51 million and are leasing them
back to Eroski on a long-term basis.
Established in 1969, Eroski is the third largest food and consumables
retailer in Spain. Eroski operates more than 100 hypermarkets and 1,200
supermarkets, franchises over 500 Aliprox fast-food outlets, and manages
gas stations, drugstores and travel agencies.
Commenting on the acquisition, W. P. Carey Executive Director Jeffrey
Lefleur noted, "The Eroski acquisition represents an opportunity to enter
the Spanish market by investing in well-located retail locations leased to
an established brand name retailer. In addition, the acquisition is
consistent with W. P. Carey's investment strategy of purchasing mission
critical assets that also provide industry and geographical diversification
to our investment portfolio."
W. P. Carey would like to thank Rupert Lea and Yola Camacho from Cushman &
Wakefield Spain, who represented Eroski.
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
Cushman & Wakefield
Cushman & Wakefield is the world's largest privately-held commercial real
estate services firm. Founded in 1917, it has 230 offices in 58 countries
and 15,000 employees. The firm represents a diverse customer base ranging
from small businesses to Fortune 500 companies. It offers a complete range
of services within four primary disciplines: Transaction Services,
including tenant and landlord representation in office, industrial and
retail real estate; Capital Markets, including property sales, investment
management, valuation services, investment banking, debt and equity
financing; Client Solutions, including integrated real estate strategies
for large corporations and property owners, and Consulting Services,
including business and real estate consulting. A recognized leader in
global real estate research, the firm publishes a broad array of
proprietary reports available on its online Knowledge Center at
www.cushmanwakefield.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