W. P. Carey Group Purchases Four Facilities From Gibson Guitar

$22 Million Sale-Leaseback of Nashville, TN, Elgin, IL

And Bozeman, MN Properties



Apr 11, 2001, 01:00 ET from W. P. Carey & Co. LLC

    NEW YORK, April 11 /PRNewswire/ -- W. P. Carey & Co. LLC (NYSE:   WPC), a
 leader in the ownership and net leasing of corporate properties, announced
 today that it has closed on the acquisition of four facilities from Gibson
 Guitar Corporation ("Gibson").  The properties were purchased on behalf of
 Corporate Property Associates 14 Incorporated (CPA(R):14).  CPA(R):14, a
 public, non-traded real estate investment trust (REIT), is a member of the
 $3 billion W. P. Carey Group.
     The sale-leaseback transaction includes three sites: one in Nashville, TN
 (includes a 33,800 square foot headquarters/office and a 176,300 square foot
 manufacturing facility to be expanded by 60,000 square feet); one in Elgin, IL
 (a 39,000 square foot manufacturing and distribution facility); and one in
 Bozeman, MN (a 19,000 square foot manufacturing facility).  The 33,800 square
 foot headquarters/office building located in Nashville will be managed by The
 Mathews Company.  The lease on this facility is structured separately as a
 joint venture between CPA(R):14 and The Mathews Company, one of Nashville's
 premier real estate principal, development, and management companies, with
 CPA(R):14 contributing 80% of the equity and The Mathews Company contributing
 the remaining 20%.  Gibson will lease the four facilities for an initial term
 of 20-years under a triple net lease.  The total purchase price of the
 facilities was approximately $22 million.
     Founded in 1894, Gibson Guitar is one of the world's oldest and most
 widely recognized musical instrument brands.  The Company's product line
 includes acoustic and electric guitars and basses, mandolins, drums,
 keyboards, PA systems and electronic components, and fretted instrument
 accessories.  Gibson's customers include orchestras and musicians across a
 wide range of styles, including jazz, country, blues and rock.
     Founded in 1973, W. P. Carey & Co. specializes in corporate real estate
 financing using the corporate net lease, or sale-leaseback structure.  The
 firm and its affiliates is one of the largest lessors of net leased corporate
 real estate in the nation.  W. P. Carey & Co. LLC (NYSE:   WPC), the largest
 publicly traded Limited Liability Company in the world, owns and manages over
 44 million square feet of property in the USA and Europe.  Additional
 information about W. P. Carey is available on the company's Web site:
 http://www.wpcarey.com.  Additional information about CPA(R):14 can be found
 on the company's Web site: http://www.cpa14.com.
 
     This press release contains forward-looking statements within the meaning
 of the Federal securities laws.  A number of factors could cause the company'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.
 
 

SOURCE W. P. Carey & Co. LLC
    NEW YORK, April 11 /PRNewswire/ -- W. P. Carey & Co. LLC (NYSE:   WPC), a
 leader in the ownership and net leasing of corporate properties, announced
 today that it has closed on the acquisition of four facilities from Gibson
 Guitar Corporation ("Gibson").  The properties were purchased on behalf of
 Corporate Property Associates 14 Incorporated (CPA(R):14).  CPA(R):14, a
 public, non-traded real estate investment trust (REIT), is a member of the
 $3 billion W. P. Carey Group.
     The sale-leaseback transaction includes three sites: one in Nashville, TN
 (includes a 33,800 square foot headquarters/office and a 176,300 square foot
 manufacturing facility to be expanded by 60,000 square feet); one in Elgin, IL
 (a 39,000 square foot manufacturing and distribution facility); and one in
 Bozeman, MN (a 19,000 square foot manufacturing facility).  The 33,800 square
 foot headquarters/office building located in Nashville will be managed by The
 Mathews Company.  The lease on this facility is structured separately as a
 joint venture between CPA(R):14 and The Mathews Company, one of Nashville's
 premier real estate principal, development, and management companies, with
 CPA(R):14 contributing 80% of the equity and The Mathews Company contributing
 the remaining 20%.  Gibson will lease the four facilities for an initial term
 of 20-years under a triple net lease.  The total purchase price of the
 facilities was approximately $22 million.
     Founded in 1894, Gibson Guitar is one of the world's oldest and most
 widely recognized musical instrument brands.  The Company's product line
 includes acoustic and electric guitars and basses, mandolins, drums,
 keyboards, PA systems and electronic components, and fretted instrument
 accessories.  Gibson's customers include orchestras and musicians across a
 wide range of styles, including jazz, country, blues and rock.
     Founded in 1973, W. P. Carey & Co. specializes in corporate real estate
 financing using the corporate net lease, or sale-leaseback structure.  The
 firm and its affiliates is one of the largest lessors of net leased corporate
 real estate in the nation.  W. P. Carey & Co. LLC (NYSE:   WPC), the largest
 publicly traded Limited Liability Company in the world, owns and manages over
 44 million square feet of property in the USA and Europe.  Additional
 information about W. P. Carey is available on the company's Web site:
 http://www.wpcarey.com.  Additional information about CPA(R):14 can be found
 on the company's Web site: http://www.cpa14.com.
 
     This press release contains forward-looking statements within the meaning
 of the Federal securities laws.  A number of factors could cause the company'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.
 
 SOURCE  W. P. Carey & Co. LLC