W. P. Carey Closes Financing on Walgreens Las Vegas Property

Thu Mar 7, 2013 8:00am EST

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

  NEW YORK, NY, Mar 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 closed on a $40 million financing with
Wells Fargo for the Walgreens retail store located on the first floor of
the Harmon Center in Las Vegas. The 20,000 square foot retail space is
leased to Walgreens under a 30 year triple-net lease. The property was
purchased for approximately $40 million in 2012. 

    Harmon Center is accessible by a pedestrian ramp crossing over the
intersection of Las Vegas Blvd. and East Harmon Avenue. Pedestrian
traffic is estimated to exceed 75,000 people per day, potentially making
it one of the busiest Walgreens stores worldwide.

    Commenting on the financing, W. P. Carey Managing Director Jason Fox
noted, "We are pleased to complete the financing of this solid asset on
behalf of CPA(R):17 - Global. The long term, triple-net lease with
Walgreens, an investment grade tenant and the center's prime location on
The Strip in Las Vegas in combination with the recently closed financing
with Wells Fargo will enable this investment to generate very attractive
cash flows and returns for CPA(R):17 - Global and its investors."

    W. P. Carey Inc.
 Celebrating its 40th anniversary, 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 owns and manages
an investment portfolio totaling approximately $14.1 billion. The largest
owner/manager of net lease assets, WPC'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. Our portfolio of long-term leases with creditworthy tenants has an
established history of generating stable cash flows that have enabled the
Company to deliver consistent and rising dividend income to investors for
nearly four decades. www.wpcarey.com 

    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: 
Cheryl Sanclemente 
W. P. Carey Inc. 
212-492-8995 
csanclemente@wpcarey.com 

PRESS CONTACT: 
Guy Lawrence
Ross & Lawrence
212-308-3333
gblawrence@rosslawpr.com 

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