Wm. Polk Carey, Chairman of W. P. Carey International LLC, Returns to India In Search of Long-Term Financing Opportunities
Pioneer in 25 - 30 Year Financing to Introduce Sale-Leaseback Financing
Of Corporate and Commercial Real Estate to India
NEW YORK, April 12 /PRNewswire/ -- W. P. Carey International LLC, a U.S.-based organization which invests in corporate properties worldwide, today announced that its Chairman Wm. Polk Carey will be visiting India in search of opportunities to provide long-term financing to Indian businesses. In January, Wm. Polk Carey, through the W. P. Carey Foundation, an organization he personally funds, made a $1 million contribution to aid in the India Earthquake relief effort to both relieve the suffering of victims and to encourage other charitable foundations to make similar or larger contributions. In Mr. Carey's opinion, India, as the world's largest democracy, is a country with immense potential. Not only does the country have the world's second largest population, but it also has an Anglo-judicial system that has been in place since its inception in 1947. Further, it is his opinion that the United States, as the world's oldest and most vocal democracy, must make strides to further strengthen its ties to this great nation through foreign investment. Mr. Carey, who visited India last November, is a pioneer in providing long term -- 25-30 year -- financing to growing businesses. He will be traveling throughout the country, primarily to Bombay, New Delhi and other industrial cities, to explore opportunities to provide independent financing to Indian companies. Mr. Carey will be the first American financier to offer flexible financing solutions to Indian businesses through the sale-leaseback method. Mr. Carey plans to introduce the sale-leaseback method of financing, in which corporations sell their commercial properties to an outside buyer and lease them back over a long-term period, which has been used by both public and private U.S. corporations of all sizes to enhance their financial performance and growth. For more than 25 years, W. P. Carey has structured innovative and flexible transactions to meet the particular financing needs of growing companies across a broad range of industries. Securing long term sale-leaseback financing frees up cash by monetizing the company's physical assets, which can then be redeployed in the company's current operations. In addition, since the sale-leaseback structure is considered off-balance sheet financing in the U.S., the company's financial statements are improved by lowering existing debt levels, thereby positioning the company for future profitability and growth. Traveling with Mr. Carey will be Jan Karst, Director of W. P. Carey International LLC. Mr. Karst began his career at W. P. Carey in 1992 as a Senior Analyst and Assistant to the Chairman upon completion of Deutsche Bank's Analyst Program in Germany. He is an alumnus of Germany's University of Konstanz and Colorado College, where he received a BA in Economics. In 1994, Mr. Karst left W. P. Carey to pursue his Masters of Business Administration degree at Duke University's Fuqua School of Business. After receiving his MBA in 1996, Mr. Karst joined Deutsche Bank's Associate Program in New York. As an Assistant Vice President, he covered multi-national automotive companies focusing on the development of investment and corporate banking business. With Deutsche Bank's acquisition of BT Alex Brown, he joined the telecommunications group and was promoted to Vice President. In 2000, Mr. Karst returned to W. P. Carey and is responsible for global business development for W. P. Carey International LLC. Commenting on the trip, Mr. Karst stated, "The Indian banking industry does not allow for loans longer than 7 years on an amortized basis. We seek to provide what we see as a tremendous need for long-term financing for up to 25-30 years by introducing sale-leaseback financing of corporate and commercial real estate across all sectors of India's economy." Commenting on the upcoming visit, Mr. Carey stated, "When I visited India last November I was most impressed with the entrepreneurial spirit and the untapped opportunities to provide long-term financing to Indian businessmen. After 25 years of successfully providing flexible financing solutions to companies throughout the United States, and more recently Europe, it is my intention to be as forthcoming as possible about the potential advantages of long-term sale-leaseback and "build-to-suit" financings for Indian businesses." "Having grown what was a small family business focused on real estate finance into a US$3 billion dollar public company and America's premier net-lease finance group, the next logical step is to broaden our business channels by offering our proven financing methods to companies throughout the world. Over the past few years, we have applied our years of experience in recognizing emerging credits and establishing financing facilities for all type of companies to successfully expand our scope to the UK and France. We are confident that we can transfer these techniques to India to provide funding to less recognized companies where more traditional types of debt and equity financing might not be as attractive." Mr. Carey continued, "Our firm is looking to invest upwards of US$1 billion annually in net lease corporate real estate. Given the size of this mandate, we are looking for investment opportunities worldwide in a wide range of property types, including office, manufacturing, warehouse, distribution centers, research and development, retail, day care and educational facilities, and hotels. I look forward with great excitement to developing opportunities to work with businesses throughout India. In addition, it is my sincere hope that my financing activities will stimulate additional foreign investment in India by businesses in other industrialized nations. Historically, India has received a fraction of the foreign investment enjoyed by other countries, including China, a country of comparable size. As the world's largest democracy, India should receive far more direct investment and I view my upcoming trip as the first step toward reconciling the current lack of financial support for this great nation." Wm. Polk Carey and Jan Karst will be arriving on Sunday, April 22 and spending eleven days in India. They can be reached via cell phone or e-mail. Their contact information is as follows: Wm. Polk Carey Jan Karst Cell phone: USA-917-257-0573 Cell phone: USA-646-732-9161 NY Tel: USA-212-492-1111 NY Tel: USA-212-492-1120 NY Fax: USA-212-492-8922 NY Fax: USA-212-492-8922 e-mail: firstname.lastname@example.org e-mail: email@example.com
SOURCE W. P. Carey International LLC
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