NEW YORK, NY -- (MARKET WIRE) -- 02/11/10 --
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 two manufacturing facilities leased to a
division of Curtiss-Wright
Corporation (NYSE: CW) for approximately $13.8 million. The
facilities, located outside Cleveland and in Cincinnati, Ohio, comprise
approximately 145,000 square feet and are leased to Curtiss-Wright Flow
Control Service Corp. under a long-term lease.
Founded in 1929 with a history dating back to the Wright brothers' first
flight, Curtiss-Wright designs, manufactures and overhauls precision
components and systems for the aerospace, defense, shipbuilding, oil,
agricultural equipment, railroad, power generation and metalworking
industries. Examples of some of their products are: the sealed valves and
critical function pumps used in the nuclear propulsion system of U.S. Navy
submarines and aircraft carriers, radar warning receiver systems on
military helicopters such as the Apache and the Black Hawk, pressure-relief
valves in oil pipelines, actuation systems that enable an aircraft to take
off and land at lower speeds, and aircraft fire protection, smoke detection
and suppression systems.
Commenting on the acquisition, W. P. Carey Managing Director Gino Sabatini
noted, "Our purchase of the Curtiss-Wright facilities is a solid addition
to the CPA®:17 - Global portfolio and increases the portfolio's
diversification. Curtiss-Wright has been a market leader in the defense,
energy, and commercial aerospace industries for over half a century, and we
are proud to have them as a long-term tenant."
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