W. P. Carey Group Closes Sale-Leaseback Transaction with Schoeller Arca Systems
New York, NY – July 21, 2008 – Investment firm W. P. Carey & Co. LLC (NYSE: WPC) announced today that CPA®:16 - Global, its publicly held non-traded REIT affiliate, has provided approximately $30 million of sale-leaseback financing to Schoeller Arca Systems (SAS) through the acquisition of two manufacturing facilities located in Monheim, Germany and Nurieux, France.
SAS designs, develops and manufactures reusable plastic packaging products and systems. “Reusable Transit Packaging” (RTP) products are containers, boxes and pallets which are manufactured to endure multiple trips, offering maximum volume optimization while minimizing damage and maintaining product quality during filling, transportation and long-term storage. SAS is the Global and European RTP leader, with a 9% and 16% market share respectively, and has an extensive list of blue chip customers, including Heineken, Beck’s, Carlsberg, Coca Cola, Carrefour, Volkswagen and Volvo.
“SAS is pleased to have found a long-term partner in W. P. Carey,” said Mr. Hubert van Iwaarden, Chief Financial Officer of SAS. “The sale-leaseback of our facilities is enabling us to recapitalize our balance sheet. Combined with the support of our new owners, One Equity Partners, this solid financial platform positions us well for the pursuit of new growth opportunities.”
“W. P. Carey’s team is excited to provide sale-leaseback financing to a quality company like SAS with the long-term growth potential and strong management we seek in our investments,” said Edward V. LaPuma, President of W. P. Carey International. “In Europe and the U.S. we are pleased to work with private equity firms and their portfolio companies. Globally, while other sources of financing are becoming harder to find, we remain a constant source of capital.”
W. P. Carey & Co. LLC
W. P. Carey & Co. LLC provides long-term sale-leaseback and build-to-suit financing for companies worldwide and manages a global investment portfolio worth more than $10 billion. Publicly traded on the New York Stock Exchange (WPC), W. P. Carey and its CPA® series of income-generating, non-traded REITs help companies and private equity firms release capital tied up in real estate assets. Now in our 35th year, the W. P. Carey Group’s real estate holdings are highly diversified, comprised of more than 850 commercial and industrial assets spanning 28 industries and 14 countries. www.wpcarey.com
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.
