NEW YORK, January 9 /PRNewswire/ --
Investment firm W. P. Carey & Co. LLC (NYSE: WPC) announced today that CPA(R):14, its publicly held non-traded REIT affiliate, acquired an industrial/office research facility in Turku, Finland for approximately EUR 10 million.
The facility is being leased to Wallac Oy, a subsidiary of PerkinElmer, Inc., under a long-term lease. The acquisition is a follow-on transaction to an approximately EUR 28 million sale-leaseback of an adjacent research and production facility that CPA(R):14 completed with PerkinElmer in 2001. Both properties are located in Turku's "Bio Valley" - a section of the city named for its comprehensive infrastructure of science, business and biotech-related services.
PerkinElmer is a global technology leader in the Health Sciences markets. Operating in 125 countries, PerkinElmer provides products and services for a range of applications such as genetic screening, drug discovery and development, environmental monitoring, food and beverage quality, cellular research and chemical analysis. The Turku facility serves as the headquarters for PerkinElmer's genetic screening business, which provides total solutions for neonatal, clinical and prenatal genetic screening and diagnostics. A significant portion of the facility is also used for research and development.
"We have been active in the Finnish sale-leaseback market since our first transaction with PerkinElmer in 2001," said Edward V. LaPuma, President of W. P. Carey International. "Since then, we have completed many sale-leasebacks throughout Finland and are continually looking for new opportunities. Acquiring the second PerkinElmer facility builds on the strength of our existing relationship, consolidates all the buildings under one landlord and enhances the value of the property in the long-run. We look forward to working with PerkinElmer in the future."
W. P. Carey & Co. LLC
Founded in 1973, W. P. Carey & Co. LLC is a leading global provider of long-term net lease financing for companies worldwide. With approximately US$9.7 billion (EUR 6.8 billion) in assets and over US$5 billion (EUR 3.5 billion) in equity capital, the Company and its CPA(R) series of income generating real estate funds specialize in helping companies and private equity firms realize the capital tied up in their real estate assets. The W. P. Carey Group owns more than 850 commercial and industrial properties in 14 countries, representing approximately 100 million square feet (30.5 million square meters).
NEW YORK, January 9 /PRNewswire/ --
Individuals interested in receiving future updates on W. P. Carey via e-mail can register at www.wpcarey.com/alerts.
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.
COMPANY CONTACT: Kristina McMenamin W. P. Carey & Co. LLC +1-212-492-8995 kmcmenamin@wpcarey.com PRESS CONTACTS: Nicole Marino Financial Dynamics phone: +44-0-207-269-7238 nicole.marino@fd.com Web site: http://www.wpcarey.com http://www.wpcarey.com/alerts
Kristina McMenamin of W. P. Carey & Co. LLC, +1-212-492-8995, kmcmenamin@wpcarey.com; Nicole Marino of Financial Dynamics for W. P. Carey & Co. LLC, +44-0-207-269-7238, nicole.marino@fd.com
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