NEW YORK, April 23, 2014 /PRNewswire/ -- W. P. Carey Inc. (NYSE: WPC), a global net lease REIT specializing in corporate sale-leaseback financing, build-to-suit financing and the acquisition of single-tenant net-lease properties, announced today two acquisitions, encompassing three properties, completed on behalf of CPA®:17 – Global, one of its managed REITs. The total cost of the properties, which are located in Arizona, Ohio and Indiana, was approximately $28 million.
Raytheon - Office Building
Raytheon Company is a technology and innovation leader specializing in defense, security and civil markets throughout the world. The 143,650 square foot property serves as the corporate headquarters for Raytheon's Missile Defense Systems division, the largest of Raytheon's six operating segments, and is located on a 10.3 acre site in the Tucson South submarket. The total acquisition price of the facility was approximately $20 million.
The PendaForm Company – Corporate Headquarters/R&D Facility and Manufacturing Facility
The PendaForm Company is the leading designer, manufacturer and marketer of heavy gauge thermoformed products for the auto industry in North America and is owned by private equity firms, Resilience Capital Partners and Littlejohn & Company, LLC. The 41,909 square foot corporate headquarters/research and development facility is located in New Concord, Ohio and the 85,765 square foot manufacturing facility is located in Bluffton, Indiana. The two facilities are leased to a subsidiary of The PendaForm Company for a period of 20 years and the total acquisition price was approximately $8 million.
W. P. Carey Managing Director and Co-Head of Global Investments, Gino Sabatini: "These two transactions illustrate our ability to tailor the deals we structure to both large publicly held corporations and private enterprises while maintaining our strategy of generating stable, long-term cash flow for our investors. Having completed an earlier transaction with PendaForm in 2012, we were pleased to again work with the owners and provide capital for the expansion of their business. At the same time, as part of the current transaction, we were able to extend the lease term of the original transaction with them, thereby securing additional future cash flow for CPA®:17 – Global's investors."
W. P. Carey Inc.
W. P. Carey Inc. is a leading global net-lease REIT that provides long-term sale-leaseback and build-to-suit financing solutions for companies worldwide. It also acts as the manager to a series of non-traded REITs. The Company's owned and managed diversified global investment portfolio had a combined enterprise value of approximately $15 billion at December 31, 2013. Its corporate finance-focused credit and real estate underwriting process is a constant that has been successfully leveraged across a wide variety of industries and property types. Furthermore, its portfolio of long-term leases with creditworthy tenants has an established history of generating stable cash flows, enabling it to deliver consistent and rising dividend income to investors for over four decades. www.wpcarey.com
This press release contains forward-looking statements within the meaning of the Federal securities laws. The statements of Mr. Sabatini are examples of forward looking statements. A number of factors could cause CPA®:17 – Global'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 CPA®:17 – Global, reference is made to CPA®:17 – Global'srespective filings with the Securities and Exchange Commission.
Company contact: Kristina McMenamin W. P. Carey Inc. 212-492-8995 email@example.com
Press contact: Guy Lawrence Ross & Lawrence 212-308-3333 firstname.lastname@example.org
SOURCE W. P. Carey Inc.