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W. P. Carey's Managed REIT Finances Construction of Netherlands R&D and Training Facility for Wartsila

-- Build-to-Suit Transaction Adds Long-Term Leased Asset to Managed Portfolio

LONDON, April 7, 2014 /PRNewswire/ -- W. P. Carey Inc. (NYSE: WPC), a global net-lease REIT specializing in corporate sale-leaseback and build-to-suit financing and the acquisition of single-tenant net-lease properties, announced today a build-to-suit financing transaction on behalf of CPA®:17 Global, one of its managed REITs. The €13.6 million transaction will include 100% funding for the construction of a new two-building facility in the Netherlands for the global industrial company, Wartsila. The facility will comprise an office building and a training building, which will be the new global R&D centre for Wartsila's Ship Power division, and their new Land & Sea Academy for the Netherlands.   

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W. P. Carey has partnered with local Dutch developer, M7 Group, on the project. Construction of the facility will begin shortly, with the majority of building-work completed within one year. Once completed, the facility will be leased to Wartsila on a long-term, net-lease. The facility will be located in Drunen, in the southern Netherlands. 

Key facts:

  • Strategically critical asset: The to-be-built facility will be Wartsila's global R&D site for their Ship Power division, as well as the company's new technical training centre in the Netherlands.
  • Strong credit: With €4.6 billion in annual revenues, Wartsila is a global leader in industrial engines and power plant systems.  It is publically-listed on the NASDAQ OMX, with an equity market capitalisation of nearly €8 billion.
  • Strategic realignment: The facility is a component of Wartsila's previously announced plan to reduce its manufacturing footprint in the Netherlands and increase its focus on R&D and services.
  • Construction financing: The transaction displays the ability of W. P. Carey and its managed REITs to provide 100% construction financing for single-tenant projects in Europe.

Quotes:

Jeffrey Lefleur, Managing Director of W. P. Carey, commented:

"Wartsila is a global leader in its field and we are pleased to be working with them and the developer M7 to deliver this important facility.  Upon its completion, the facility will be a mission-critical asset that is a key part of Wartsila's long-term R&D platform.  This deal demonstrates our ability to provide financing solutions to leading corporations and developers who wish to build new facilities without tying up their equity capital. While the Netherlands remains a challenging country for financing new property development, we're very excited to continue our investments in Dutch built-to-suit projects. 

Frank Kevenaar, Wartsila, commented:

"We look forward to the successful construction of this important asset by M7, and our future relationship with W. P. Carey."

M7 Group commented:

"We chose to work with W. P. Carey because of their ability to commit financing for 100% of the project cost, as well as their experience as a proven and reliable investor in the Dutch market."

W. P. Carey Inc.

W. P. Carey Inc. is a leading global net-lease REIT that provides long-term sale-leaseback and build-to-suit financing solutions for companies worldwide. It also acts as the manager to a series of non-traded REITs. The Company's owned and managed diversified global investment portfolio had a combined enterprise value of approximately $15 billion at December 31, 2013, with European assets comprising approximately €3 billion ($4 billion). Active in Europe since 1998, W. P. Carey'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. Furthermore, its portfolio of long-term leases with creditworthy tenants has an established history of generating stable cash flows, enabling it to deliver consistent and rising dividend income to investors for over 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 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.

W. P. Carey Inc. contacts:

Europe
Dan de Belder/ Guy Scarborough/Tom Cahn
+44-207-861-3232 
[email protected]

US
Guy Lawrence
+1-212-308-3333 
[email protected]

Kristina McMenamin
+1-212-492-8995 
[email protected]

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