W. P. Carey Inc., a global net lease
real estate investment trust (REIT), announced that during the first half of
2015, CPA(R) :18 -- Global, one of its publicly held non-traded REIT
affiliates, completed 15 separate self-storage transactions with an
aggregate investment value of approximately $161 million, including
acquisition costs. Individual transactions ranged from under $3 million to
over $38 million.
Management Commentary
Liz Raun Schlesinger, W. P. Carey Managing Director and Head of
Self-Storage, commented: "With the completion of these 15 transactions, we
succeeded in acquiring 22 well-positioned operating facilities. Our
experience in the sector, coupled with our management expertise and ability
to assess new markets, allowed us to secure our first development
opportunity and enter an attractive, growing and underserved Canadian market
with an established local joint venture partner. Sourcing and executing on
multiple transactions ranging from single properties to portfolios to solid
development opportunities, our team continues to recognize attractive
opportunities."
Ms. Raun Schlesinger added: "In the self-storage sector, it is critical to
not only buy right, but also to manage right. Our appreciation of the
management component for self-storage investments has been a critical factor
in our ongoing success with our existing assets. We are pleased to add
strong, long-term income generating self-storage assets that support CPA(R)
:18 -- Global's strategic investment and diversification objectives."
Key Facts
-- Strong property management: Eighteen of the acquired operating
properties
will be managed by Extra Space Storage and four will be managed by
CubeSmart. The to-be-developed facility in Vaughan, Ontario will be
managed by Budget Development Group.
-- To-be-developed facility in Vaughan, Ontario: The development site,
located in an affluent northern suburb of Toronto, will be developed in
joint venture with local partner, Budget Development Group, an
established developer and manager of self-storage facilities in
Canada. Upon completion, which is expected to occur in August 2016, the
facility will include 108,275 net rentable square feet, comprising 1,137
units.
-- Well-located, attractive operating facilities in strong markets: The
following acquisitions in the first half of 2015 expanded CPA(R):18 --
Global's self-storage presence in Florida, Georgia and California, and
added properties in Kentucky, Illinois, Nevada and Missouri:
Florida
-- Naples facility -- 179,791 net rentable square feet/1,209 units
-- Valrico facility -- 68,319 net rentable square feet/716 units
-- Tallahassee facility -- 121,699 net rentable square feet/801 units
-- Sebastian facility -- 51,048 net rentable square feet/459 units
-- Lady Lake facility -- 68,250 net rentable square feet/583 units
-- Panama City Beach facilities (2) -- 128,725 net rentable square
feet/1,161 units
-- Sarasota facilities (2) -- 110,782 net rentable square feet/1,088 units
Georgia
-- Lilburn facility -- 66,140 net rentable square feet/468 units
-- Stockbridge facility -- 31,825 net rentable square feet/276 units
California
-- Hesperia facilities (3) -- 282,971 net rentable square feet/1,884 units
-- Lancaster facility -- 71,361 net rentable square feet/601 units
-- Highland facility -- 49,950 net rentable square feet/461 units
-- Rialto facility -- 100,459 net rentable square feet/768 units
-- Thousand Palms facility -- 110,246 net rentable square feet/640 units
Kentucky, Illinois, Nevada and Missouri
-- Louisville, KY, facility -- 124,737 net rentable square feet/696 units
-- Crystal Lake, IL, facility -- 58,100 net rentable square feet/517 units
-- Las Vegas, NV, facility -- 73,485 net rentable square feet/719 units
-- St. Peter, MO, facility -- 40,800 net rentable square feet/329 units
W. P. Carey Inc.
Please visit www.wpcarey.mediaroom.com for more information about W. P.
Carey, to access our image and video libraries and to follow us on social
media.
This press release contains forward-looking statements within the meaning of
the Federal securities laws. The statements of Ms. Raun Schlesinger are
examples of forward looking statements. A number of factors could cause
CPA(R) :18 -- 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(R) :18 -- Global, reference is made to its filings
with the Securities and Exchange Commission.
Company contact:
Kristina McMenamin
W. P. Carey Inc.
212-492-8995
kmcmenamin@wpcarey.com
Press contact:
Guy Lawrence
Ross & Lawrence
212-308-3333
gblawrence@rosslawpr.com
Photo - http://photos.prnewswire.com/prnh/20150722/240226
Logo - http://photos.prnewswire.com/prnh/20130604/NY25517LOGO-b
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/cpa18---global-completes-first-half-2015-self-storage-investments-totaling-161-million-300117429.html
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