W. P. Carey Announces Two Acquisitions Totaling $43 Million

Wed Nov 7, 2012 2:24pm EST

* Reuters is not responsible for the content in this press release.

  NEW YORK, NY, Nov 07 (Marketwire) -- 
W. P. Carey Inc. (NYSE: WPC), a real estate investment trust ("REIT"),
announced today that CPA(R):17 - Global, one of its publicly held
non-traded REIT affiliates, has acquired a 163,000 square foot
manufacturing and office facility in Sterling, Virginia. The property
will be leased to Cuisine Solutions, Inc. under a 20 year net lease. The
purchase price was approximately $26 million. 

    In addition, W. P. Carey announced that CPA(R):17 - Global has acquired a
274,000 square foot industrial and office facility in Elk Grove Village,
Illinois. Approximately 239,000 square feet is leased to Shale-Inland
Holdings LLC under a 15-year net lease, with the balance of the property
leased to Material Sciences Corporation. The purchase price was
approximately $17 million. 

    Cuisine Solutions produces and markets fully cooked, frozen, and prepared
foods to foodservice, on board services, retail, military, and national
restaurant chain businesses in the United States and Europe. Cuisine
Solutions currently maintains over 400 SKUs (unique product identifier
codes) and sells approximately 30 products through its retail arm.
Cuisine Solutions offers its products under its own label at retail
locations but derives the majority of its business from national retail
chains. Cuisine Solutions' differentiator is the process in which it
prepares its food. "Sous-vide," French for "under vacuum," is the
technology, science, method, and art of slow cooking food and sauces at
low temperatures under vacuum seal (usually immersed in water). This
style of cooking was pioneered by Dr. Bruno Goussault, Chief Scientist
for Cuisine Solutions. 

    Shale-Inland is the leading industrial supplier of products used in the
transportation of water, food, energy, and information to its end use,
specializing in the surface quality of stainless steel, aluminum, and
carbon steel. Through 47 locations in North America, Shale-Inland
delivers a broad spectrum of metal, pipes, valves, or finished parts to
its customers. 

    Material Sciences (NASDAQ: MASC) is a leading provider of material-based
solutions for acoustical and coated applications. Material Sciences uses
its expertise in materials, which it leverages through relationships and
a network of partners, to solve customer-specific problems. 

    Commenting on the acquisitions, W. P. Carey Managing Director and Co-Head
of Global Investments, Gino Sabatini, noted, "Both acquisitions are
consistent with our strategy of investing on a long term basis in mission
critical assets of credit worthy companies. The Cuisine Solutions
facility, which is currently undergoing an extensive renovation, will be
a state of the art facility that will enable the company to meet
increasing demand for its products. As the market leader for sous-vide
cooking, the Sterling, Virginia facility will support Cuisine Solutions'
leading market position by enabling the company to expand production
while maintaining the integrity of its production process and the quality
of its products. In addition, the facility's location 30 minutes from
Downtown Washington, DC and a mile and a half north of Washington Dulles
International Airport makes it an attractive asset on a pure real estate
basis as well." 

    Mr. Sabatini added, "Our ability to underwrite the Elk Grove property on
the basis of the long term lease with Shale-Inland demonstrates our
in-house capabilities for identifying privately owned companies with
strong sponsorship. By analyzing and evaluating the strength of current
operating metrics and future expansion potential, we are able to
ascertain that privately owned corporate tenants like Shale-Inland meet
our established investment criteria. The Shale-Inland property, located
in the Chicago metro area less than half a mile from O'Hare airport, has
its own rail spur and four cranes operating within the facility, adding
to its future marketability as a real estate asset from both an
operational and accessibility standpoint over and above the value of the
long term lease currently in place with Shale-Inland." 

    W. P. Carey Inc.
 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 manages an investment portfolio of approximately
$12.7 billion. W. P. Carey Inc. is the successor to W. P. Carey & Co.
LLC, which had its origins in 1973. The largest owner/manager of net
lease assets, our 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 us to deliver consistent
and rising dividend income to investors for nearly four decades.

    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. 


Cheryl Sanclemente
W. P. Carey Inc. 

Guy Lawrence
Ross & Lawrence

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