W. P. Carey Closes Sale-Leaseback Financing With Kraft for Northfield, Illinois Campus
Jan 31, 2013
NEW YORK, NY -- (Marketwire) -- 01/31/13 -- W. P. Carey Inc. (NYSE: WPC), a real estate investment trust ("REIT"), announced today that it has completed a sale-leaseback with Kraft Foods Group for its 70-acre corporate campus located in Northfield, Illinois. The 679,000 square foot facility is home to Kraft's corporate headquarters and will be leased to Kraft on a triple net basis.
W. P. Carey Managing Director and Co-Head of Global Investments, Jason Fox noted, "We are pleased to have been selected to work with a company like Kraft that is a leader in its industry and brings with it the history of its established brands. We look forward to a long and mutually beneficial relationship with them."
"The sale-leaseback with W. P. Carey provided an opportunity for us to maintain our presence in Northfield and reinvest resulting capital into our business and people," said John Dattilo, Senior Manager, Corporate Real Estate at Kraft. "We are pleased to partner with W. P. Carey, an established sale-leaseback investor, and are looking forward to our future in Northfield."
Kraft Foods Group
Kraft Foods Group, Inc. (NASDAQ: KRFT) is North America's fourth largest consumer packaged food and beverage company, with revenues of approximately $19 billion in 2011. Launched as a public and independent company on Oct. 1, 2012, the new Kraft has the spirit of a startup and the soul of a powerhouse. The company has an unrivaled portfolio of products in the beverages, cheese, refrigerated meals and grocery categories. Its iconic brands include Kraft, Maxwell House, Oscar Mayer, Planters and JELL-O. Kraft's 25,000 employees in the U.S. and Canada have a passion for making the foods and beverages people love. Kraft Foods Group is a member of the Standard & Poor's 500 index. www.kraft.com
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 $14.1 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. Our portfolio of long-term leases with creditworthy tenants has an established history of generating stable cash flows that have enabled the Company 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. 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.
W. P. Carey Inc.
Ross & Lawrence
Source: W. P. Carey Inc.