|By Marketwired .||
|November 7, 2012 02:24 PM EST||
NEW YORK, NY -- (Marketwire) -- 11/07/12 -- W. P. Carey Inc. (NYSE: WPC), a real estate investment trust ("REIT"), announced today that CPA®: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®: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. 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.
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