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W. P. Carey announces $41 million acquisition of Innovation Center in the Netherlands

Jul 15, 2013

NEW YORK, July 15, 2013 /PRNewswire/ -- 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 single-tenant net-lease properties, announced today that CPA®:17 - Global, one of its publicly held non-traded REIT affiliates, has acquired the new European Innovation Center of Royal FrieslandCampina in the Netherlands. The total acquisition cost of the facility was approximately €31 million ($41 million).

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Royal FrieslandCampina is the fourth largest dairy company in Europe and the fifth largest in the world. The company has approximately 20,000 employees across 28 countries and generated €10.3 billion ($13.4 billion) in revenue in 2012.

Construction of the new facility was completed in July 2013 by development and construction company, Hurks. Situated on the campus of the Wageningen University and Research Center, the facility is located within a region known as the Dutch "Food Valley," where many international food companies, as well as life science, bio-science, and agribusiness R&D, is concentrated.

Jeffrey Lefleur, Managing Director of W. P. Carey, said: "The transaction marks our second deal in the Netherlands this year overall and supports our business model of acquiring critical operating assets on long-term, single-tenant net-leases."

Kees Gielen, Chief Financial Officer of RFC, said: "Hurks has successfully developed our new Innovation Center, and we look forward to the cooperation with CPA®:17 - Global as the new landlord.  This will allow us to achieve a significant consolidation of our European R&D into a single location."

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 $15.2 billion. Active in Europe since 1998, European assets comprise approximately $3.6 billion (€2.7 billion) of its global portfolio. 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 Mr. Lefleur 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:

Cheryl Sanclemente

Guy Lawrence

W. P. Carey Inc.

Ross & Lawrence

212-492-8995

212-308-3333

csanclemente@wpcarey.com  

gblawrence@rosslawpr.com  

SOURCE W. P. Carey Inc.

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