NEW YORK, NY -- (MARKET WIRE) -- 02/17/10 --
W. P. Carey
& Co. LLC (NYSE: WPC), a global investment management company that
provides long term sale leaseback and build to
suit financing for companies, announced today that CPA®:17 - Global, one
of its publicly held non-traded REIT affiliates, completed the second
tranche of a EUR 74 million ($104 million) corporate sale leaseback
transaction with Eroski Sociedad
Cooperativa. The second tranche, totaling EUR 36 million ($50
million), is for the purchase of 16 retail facilities from the Spanish
supermarket operator. The first tranche, totaling EUR 38 million ($54
million) and comprising 13 sites, closed in December of last year. The
properties are leased to Eroski under a long term lease. Financing for the
investment was provided by Eurohypo AG.
Established in 1969, Eroski is the third largest food and consumables
retailer in Spain. Eroski operates more than 100 hypermarkets and 1200
supermarkets, franchises over 500 Aliprox fast-food outlets, and manages
gas stations, drugstores and travel agencies.
Eroski is the latest European retailer, following transactions with Tesco, OBI and
Hellweg, to partner with W. P. Carey
in order to release capital from their real estate.
Eroski was represented by real estate consultant Cushman & Wakefield Spain for both tranches.
Jeffrey Lefleur, Executive Director of W. P. Carey, said:
"The closing of this financing further demonstrates W. P. Carey's ability
to provide sale-leaseback financing in Spain and highlights our goal of
providing defensive, risk management-driven investments for our investors
in a breadth of different companies throughout Europe. Our global
investment strategy and depth of capital resources will allow us to
continue to provide long term financing to corporate real estate owners at
a time when more traditional sources of financing are not available."
A. Fernández, Eroski Director of Expansion, said:
"Working with W. P. Carey enabled us to recover our investment in these
assets and use it in our core business. We are pleased to have such a well
established firm as our long term financing partner. Their understanding
of our current needs as a business as well as our longer term objectives
enabled them to structure a financing that will serve us well now and into
the future."
Rupert Lea, Head of Retail Capital Markets team at Cushman Wakefield Spain,
said:
"Despite current challenges in Spain, the completion of this transaction
proves that there is still investor and bank appetite for good investment
product in Spain. Working on behalf of Eroski, we feel that the structure
of the sale and leaseback developed between Eroski and W. P. Carey provides
a source of long term capital that addresses Eroski's current operating
needs as well as their future growth strategies."
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 231 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 W. P.
Carey'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.
This press release can be downloaded from www.wpcarey.com
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Contacts:
For W. P. Carey & Co. LLC:
Europe
Dan de Belder/Rosanne Perry
+44 207 861 3232
Email Contact
US
Guy Lawrence
Ross & Lawrence
+ 1 212-308-3333
Email Contact
Kristina McMenamin
+ 1 212-492-8995
Email Contact
For Eroski Sociedad Cooperative:
Iosu Sanz
+34 94 621 12 50
Email Contact
For Cushman & Wakefield Spain:
Carla de León Quintana
+34 91 781 00 10
Email Contact