NEW YORK, Jan. 29, 2015 /PRNewswire/ -- W. P. Carey Inc. (NYSE: WPC), a global net-lease real estate investment trust (REIT), announced that CPA®:18 – Global, one of its publicly held non-traded REIT affiliates, recently completed seven separate self-storage acquisitions with an aggregate purchase price of approximately $53 million, including acquisition costs.
- Well-located, attractive facilities in strong markets: The seven acquisitions expand CPA®:18 – Global's self-storage presence in seven strong markets:
- Kailua-Kona, HI facility – 56,352 net rentable square feet/507 units
- Pompano Beach, FL facility – 74,927 net rentable square feet/771 units
- Jensen Beach, FL facility – 63,650 net rentable square feet/755 units
- Dickinson, TX facility –76,800 net rentable square feet/660 units
- Humble, TX facility – 59,325 net rentable square feet/468 units
- Temecula, CA facility – 89,228 net rentable square feet/660 units
- Cumming, GA facility – 73,237 net rentable square feet/513 units
- Strong property management: Five of the properties will be managed by Extra Space Storage and two will be managed by CubeSmart.
Liz Raun Schlesinger, Managing Director of W. P. Carey, commented: "With the completion of these seven transactions, we closed a total of 14 deals in 2014. Our ability to source and execute on this number of transactions is the result of having a nimble and focused team who can recognize attractive investment opportunities and efficiently manage the due diligence and documentation processes. In the self-storage sector, it is critical to not only buy right, but also to manage right. We are already working with Extra Space Storage and CubeSmart on other self-storage assets around the U.S. and believe that their ability to manage these assets will, in conjunction with our own storage expertise, enhance their long-term value."
Anne Coolidge Taylor, Managing Director of W. P. Carey, also noted: "W. P. Carey has been active in the self-storage sector since 2004. We currently own 78 net-leased U-Haul self-storage properties and manage an additional 85 operating assets on behalf of our managed REITs for a total of approximately 10 million net rentable square feet. Wrapping up these transactions prior to year-end and achieving transaction volume in excess of $100 million in 2014 is a testament to our access to capital, depth of capabilities, strong industry network and recognized track record for quickly executing on self-storage opportunities of all sizes."
W. P. Carey Inc.
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This press release contains forward-looking statements within the meaning of the Federal securities laws. The statements of Ms. Raun Schlesinger and Ms. Coolidge Taylor are examples of forward looking statements. A number of factors could cause CPA®:18 – 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; and risks related to CPA®:18 – Global's offering of shares. For further information on factors that could impact CPA®:18 – Global, reference is made to CPA®:18 – Global's respective filings with the Securities and Exchange Commission.
SOURCE W. P. Carey Inc.