W. P. Carey announces $29 million acquisition of Adler Modemarkte headquarters and flagship store
NEW YORK, Nov. 4, 2013 /PRNewswire via COMTEX/ --
W. P. Carey Inc. (NYSE: WPC), a real estate investment trust ("REIT") specializing in corporate sale-leaseback financing, build-to-suit construction financing and the acquisition of net-lease properties, announced today that CPA®:17 - Global, one of its publicly-held non-traded REIT affiliates, has acquired the office headquarters and key retail facility of Adler Modemarkte ("Adler") in Haibach, Germany. The total acquisition cost of the facilities was approximately $29 million (EUR 22 million).
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Adler is one of Germany's most prominent clothing retailers and has a leading position in the market for customers aged 45 and over. It operates 169 stores across German-speaking Europe with approximately 4,400 employees.
The facility comprises Adler's headquarters and flagship store and will be subject to a 20-year, triple net lease. Located along an important retail corridor, the facility is a critical asset to Adler and additionally houses its central IT infrastructure and data centre.
Jennifer Lucas, Director of W. P. Carey, said: "Germany is an important European market for CPA®:17 - Global, and Adler, having developed a loyal customer base across German-speaking countries, is a leader in the highly competitive retail industry. Given Adler's position within the industry, solid financial base and the criticality of the asset to its operations, the acquisition fits perfectly with our established investment strategy."
W. P. Carey Inc. Celebrating its 40th anniversary, W. P. Carey Inc. is a publicly traded REIT (NYSE: WPC) that provides long-term sale-leaseback and build-to-suit financing for companies worldwide and owns and manages an investment portfolio totaling approximately $15.9 billion. The largest owner/manager of net lease assets, WPC's corporate finance-focused credit and real estate underwriting process is a constant that has been successfully leveraged across a wide variety of industries and property types. Its portfolio of long-term leases with creditworthy tenants has an established history of generating stable cash flows that have enabled WPC to deliver consistent and rising dividend income to investors for nearly four decades. www.wpcarey.com
This press release contains forward-looking statements within the meaning of the Federal securities laws. The statements of Jennifer Lucas are examples of forward looking statements. A number of factors could cause the CPA®:17 - 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. For further information on factors that could impact CPA®:17 - Global, reference is made to CPA®:17 - Global's filings with the Securities and Exchange Commission.
COMPANY CONTACT: PRESS CONTACT:
Kristina McMenamin Guy Lawrence
W. P. Carey Inc. Ross & Lawrence
SOURCE W. P. Carey Inc.
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