Exhibit 99.1
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Contacts:
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For W. P. Carey & Co. LLC: |
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Europe |
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Dan de Belder/Rosanne Perry |
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+44 207 861 3232 |
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rperry@pelhambellpottinger.co.uk
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US
Guy Lawrence, Ross & Lawrence |
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+ 1 212-308-3333 |
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gblawrence@rosslawpr.com
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Cheryl Perry |
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+ 1 212-492-8995 |
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CPerry@wpcarey.com |
CPA®:17 Global acquires 300 million Metro Cash & Carry Italia S.p.A. fund
London 29 September 2011 W. P. Carey & Co. LLC (NYSE: WPC), the global investment management
company specializing in corporate real estate financing, today announced that a subsidiary of
one of its publicly-held non-traded REIT affiliates, CPA®:17 Global, has acquired
substantially all of the economic and voting interests in a fund that owns 20 stores leased to
Metro Cash & Carry Italia S.p.A. (Metro Italy). Metro Italy is a wholly owned subsidiary of
Metro AG, the worlds largest cash and carry operator and, with reported revenues totaling 67
billion in 2010, the worlds fourth largest retailer. Metro AG has guaranteed Metro Italys
obligations under the leases. The value of the investment, which was made by
CPA®:17 L.P., was approximately 300 million ($400 million).
The 20 stores are primarily located in the middle and northern part of Italy and represent
approximately half of Metro Italys total Italian portfolio.
The investment is W. P. Carey Groups first in Italy and brings the total international assets
under management, outside the U.S, to approximately $3.5 billion.
The fund is managed by BNP Paribas Real Estate Investment SGR p.A.
H. Cabot Lodge, III, President and Head of European Investments at W. P. Carey & Co. Limited
said:
The transaction marks our first investment in Italy and continues to represent our interest in
European acquisitions. During the past twelve months, we have provided almost 600 million in
alternative financing to major companies across Europe. We are delighted to be entering a new
market and to be adding Metro AG to our list of long term obligors.
Jennifer Lucas, Director and member of W. P. Careys European investment team, added:
In the case of the Metro Italy transaction, the combination of a strong German parent company
and assets critical to their Italian Cash and Carry business is consistent with W. P. Careys
established investment criteria and disciplined risk management approach.
Reed Smith LLP and Gianni, Origoni, Grippo and Partners represented CPA®:17
Global as real estate and transaction counsel, and DLA Piper represented Metro. Metro was
advised by Banca IMI and CPA®:17 Global by Natixis Capital Partners.
-Ends-
About W. P. Carey & Co. LLC
W. P. Carey & Co. LLC (NYSE: WPC) is an investment management company that oversees a global
investment portfolio of approximately $11.5 billion. W. P. Carey provides companies worldwide
with long term sale leaseback and build -to-suit financing and engages in other types of real
estate-related investment. 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 Groups
investments are highly diversified, comprising contractual agreements with approximately 275
long term corporate obligors spanning 28 industries and 18 countries. www.wpcarey.com
About METRO GROUP
METRO GROUP is one of the largest and most international retailing companies. In 2010 the Group
reached sales of around 67 billion. The company has a headcount of some 280,000 employees and
operates more than 2,100 stores in 33 countries. The Groups performance is based on the
strength of its sales brands which operate independently in their respective market
segment: Metro/Makro Cash & Carry the international leader in self-service
wholesale, Real hypermarkets, Media Markt and Saturn European market leader in
consumer electronics retailing, and Galeria Kaufhof department stores. More information at:
www.metrogroup.de
This press release contains forward-looking statements within the meaning of the Federal
securities laws. A number of factors could cause W. P. Careys 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 Companys filings with the
Securities and Exchange Commission.