CPA:18 - Global Completes Self-Storage Acquisitions Totaling $53 Million
Total self-storage acquisitions for 2014 exceed $100 million
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.
Key Facts
- 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.
Management Commentary
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.
Please visit www.wpcarey.mediaroom.com for more information about W. P. Carey, to access our image and video libraries and to follow us on social media.
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.
Company contact:
Kristina McMenamin
W. P. Carey Inc.
212-492-8995
[email protected]
Press contact:
Guy Lawrence
Ross & Lawrence
212-308-3333
[email protected]
Video - http://youtu.be/9NzoDQ6lEtk
Photo - http://photos.prnewswire.com/prnh/20130604/NY25517LOGO-b
SOURCE W. P. Carey Inc.
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