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W. P. Carey & Co. LLC: The W. P. Carey Group Completes First Sale-Leaseback in Hungary

^{Published on 2009-07-27 04:07:48, Last Modified on 2009-07-27 04:07:57 - Market Wire}
 

NEW YORK, NY--(Marketwire - July 27, 2009) - Investment firm W. P. Carey & Co. LLC (NYSE: [ WPC ]) announced today that CPA®:16 - Global and CPA®:17 - Global, two of its publicly held non-traded REIT affiliates, have provided EUR 63 million ($90 million) in alternative long-term financing for Tesco plc through the sale and leaseback of Tesco's Hungarian logistics portfolio. The transaction is the latest phase in Tesco's ongoing program to release value from its property portfolio. It is the largest and first significant investment deal in Hungary in 2009. With approximately £59 billion in group sales, Tesco is the world's third largest retailer. It employs nearly 470,000 people across 4,300 stores worldwide.

Jeffrey Lefleur, Director for W. P. Carey, noted, "We are very pleased to have proven our capacity as a global sale-leaseback financing provider, particularly as the capital markets remain quite difficult. Given our risk management-driven investment strategy and portfolio diversification criteria, we could not have asked for a more suitable counterparty than a market-leading company like Tesco for our first deal in Hungary."

Tesco was represented by Cushman & Wakefield. W. P. Carey was advised by King Sturge.

W. P. Carey & Co. LLC

W. P. Carey is an investment management company that provides long-term sale-leaseback financing. It currently manages a global investment portfolio approaching $10 billion. Publicly traded on the New York Stock Exchange (WPC), W. P. Carey and its CPA® series of income-generating, non-traded REITs help companies unlock capital tied up in real estate assets. [ http://www.wpcarey.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.