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W. P. Carey & Co. LLC: W. P. Carey Group Completes $51 Million Acquisition of Eroski Supermarket Portfolio

^{Published on 2009-12-23 06:30:24 - Market Wire}
 

NEW YORK, NY--(Marketwire - December 23, 2009) - Investment firm [ W. P. Carey & Co. LLC ] (NYSE: [ WPC ]) announced today that CPA®:17 - Global, one of its publicly held non-traded REIT affiliates, completed its first Spanish [ sale-leaseback ] transaction, acquiring a portfolio of 13 retail facilities from Spanish supermarket operator Eroski Sociedad Cooperativa ("Eroski"). CPA®:17 - Global purchased the facilities for a total of approximately $51 million and are leasing them back to Eroski on a long-term basis.

Established in 1969, Eroski is the third largest food and consumables retailer in Spain. Eroski operates more than 100 hypermarkets and 1,200 supermarkets, franchises over 500 Aliprox fast-food outlets, and manages gas stations, drugstores and travel agencies.

Commenting on the acquisition, W. P. Carey Executive Director Jeffrey Lefleur noted, "The Eroski acquisition represents an opportunity to enter the Spanish market by investing in well-located retail locations leased to an established brand name retailer. In addition, the acquisition is consistent with W. P. Carey's investment strategy of purchasing mission critical assets that also provide industry and geographical diversification to our investment portfolio."

W. P. Carey would like to thank Rupert Lea and Yola Camacho from Cushman & Wakefield Spain, who represented Eroski.

W. P. Carey & Co. LLC

W. P. Carey & Co. LLC (NYSE: [ WPC ]) is an investment management company that provides long-term sale-leaseback and build-to-suit financing for companies worldwide and 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 and private equity firms unlock capital tied up in real estate assets. The W. P. Carey Group's investments are highly diversified, comprising contractual agreements with approximately 300 long-term corporate obligors spanning 28 industries and 15 countries. [ http://www.wpcarey.com ]

Cushman & Wakefield

Cushman & Wakefield is the world's largest privately-held commercial real estate services firm. Founded in 1917, it has 230 offices in 58 countries and 15,000 employees. The firm represents a diverse customer base ranging from small businesses to Fortune 500 companies. It offers a complete range of services within four primary disciplines: Transaction Services, including tenant and landlord representation in office, industrial and retail real estate; Capital Markets, including property sales, investment management, valuation services, investment banking, debt and equity financing; Client Solutions, including integrated real estate strategies for large corporations and property owners, and Consulting Services, including business and real estate consulting. A recognized leader in global real estate research, the firm publishes a broad array of proprietary reports available on its online Knowledge Center at [ www.cushmanwakefield.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.