NEW YORK, NY -- (MARKET WIRE) -- 02/24/09 --
Investment firm W. P. Carey & Co. LLC (NYSE: WPC) announced today that its affiliate, Carey Storage, has formed a
self-storage-focused joint venture with Harbert® Management Corporation.
Harbert and W. P. Carey are contributing a total of $50 million to the
venture -- $30 million from Harbert and $20 million from W. P. Carey.
The venture has been seeded with an existing portfolio made up of thirteen
properties, which have been acquired by W. P. Carey's self-storage-focused
investment team over the past two years. W. P. Carey currently manages
approximately $440 million of self-storage assets, including $60 million
owned by the new venture. The self-storage investment team is actively
pursuing additional property acquisitions.
W. P. Carey Managing Director, Anne Coolidge Taylor, noted, "While the
self-storage venture is W. P. Carey's first with a sector focus, our first
investment in this space dates back to 2004 when we closed on a $312
million, 78 property sale-leaseback transaction with U-Haul. As we make
additional acquisitions, we will continue to apply W. P. Carey's 35 plus
years of real estate investment experience to the self-storage sector."
The Company began investing in net lease properties in 1973 and has been
managing the Corporate Property Associates (CPA®) series of distinct real
estate investment trusts since 1979. The CPA® investment programs
specialize in acquiring and managing portfolios of triple net leased
assets, broadly diversified by geography, industry and tenant.
"Self-storage is a property sector of particular interest to us. We have
been looking for the right team with sufficient management expertise to
help us execute a
self-storage strategy," said Alan Fuller, Vice President and Senior
Managing Director at Harbert® Management. "By creating a joint venture
with W. P. Carey, we gain access to W. P. Carey's self-storage experience."
Harbert® Management Corporation
Harbert® Management Corporation ("HMC(SM)") is an investment management
firm managing over $8.9 billion, as of January 1, 2009, of assets and
committed capital in 11 alternative asset classes in three areas of
concentration: real estate, private capital and absolute return strategies.
HMC(SM) is headquartered in Birmingham, AL and has offices in New York, San
Francisco, Richmond, Nashville, London, Madrid, Paris and Atlanta. For more
information visit http://www.harbert.net/
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 worth more than $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 14 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