Event Information:

• Thu

  23

  Jul

  2015

  CPA:18 - Global Completes First Half 2015 Self-Storage Investments Totaling $161 Million

  Fifteen transactions include operating assets and a to-be-developed facility

  NEW YORK, July 23, 2015 /PRNewswire/ -- W. P. Carey Inc., a global net lease real estate investment trust (REIT), announced that during the first half of 2015, CPA^®:18 – Global, one of its publicly held non-traded REIT affiliates, completed 15 separate self-storage transactions with an aggregate investment value of approximately $161 million, including acquisition costs. Individual transactions ranged from under $3 million to over $38 million. 

  Management Commentary

  Liz Raun Schlesinger, W. P. Carey Managing Director and Head of Self-Storage, commented: "With the completion of these 15 transactions, we succeeded in acquiring 22 well-positioned operating facilities. Our experience in the sector, coupled with our management expertise and ability to assess new markets, allowed us to secure our first development opportunity and enter an attractive, growing and underserved Canadian market with an established local joint venture partner. Sourcing and executing on multiple transactions ranging from single properties to portfolios to solid development opportunities, our team continues to recognize attractive opportunities."

  Ms. Raun Schlesinger added: "In the self-storage sector, it is critical to not only buy right, but also to manage right. Our appreciation of the management component for self-storage investments has been a critical factor in our ongoing success with our existing assets. We are pleased to add strong, long-term income generating self-storage assets that support CPA^®:18 – Global's strategic investment and diversification objectives."

  Key Facts

  • Strong property management: Eighteen of the acquired operating properties will be managed by Extra Space Storage and four will be managed by CubeSmart. The to-be-developed facility in Vaughan, Ontario will be managed by Budget Development Group.
  • To-be-developed facility in Vaughan, Ontario: The development site, located in an affluent northern suburb of Toronto, will be developed in joint venture with local partner, Budget Development Group, an established developer and manager of self-storage facilities in Canada. Upon completion, which is expected to occur in August 2016, the facility will include 108,275 net rentable square feet, comprising 1,137 units.
    • Well-located, attractive operating facilities in strong markets:  The following acquisitions in the first half of 2015 expanded CPA^®:18 – Global's self-storage presence in Florida, Georgia and California, and added properties in Kentucky, Illinois, Nevada and Missouri:

  Florida:

  • Naples facility – 179,791 net rentable square feet/1,209 units
  • Valrico facility – 68,319 net rentable square feet/716 units
  • Tallahassee facility – 121,699 net rentable square feet/801 units
  • Sebastian facility – 51,048 net rentable square feet/459 units
  • Lady Lake facility – 68,250 net rentable square feet/583 units
  • Panama City Beach facilities (2) – 128,725 net rentable square feet/1,161 units
  • Sarasota facilities (2) – 110,782 net rentable square feet/1,088 units

  Georgia:

  • Lilburn facility – 66,140 net rentable square feet/468 units
  • Stockbridge facility – 31,825 net rentable square feet/276 units

  California:

  • Hesperia facilities (3) – 282,971 net rentable square feet/1,884 units
  • Lancaster facility – 71,361 net rentable square feet/601 units
  • Highland facility – 49,950 net rentable square feet/461 units
  • Rialto facility – 100,459 net rentable square feet/768 units
  • Thousand Palms facility – 110,246 net rentable square feet/640 units

  Kentucky, Illinois, Nevada and Missouri:

  • Louisville, KY, facility –  124,737 net rentable square feet/696 units
  • Crystal Lake, IL, facility – 58,100 net rentable square feet/517 units
  • Las Vegas, NV, facility – 73,485 net rentable square feet/719 units
  • St. Peter, MO, facility – 40,800 net rentable square feet/329 units

  W. P. Carey Inc. Please visit www.wpcarey.mediaroom.com for more information about W. P. Carey, to access our image and video libraries and to follow us on social media.

  This press release contains forward-looking statements within the meaning of the Federal securities laws. The statements of Ms. Raun Schlesinger are examples of forward looking statements. A number of factors could cause CPA^®:18 – 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^®:18 – Global, reference is made to its filings with the Securities and Exchange Commission. 

  Company contact: Kristina McMenamin W. P. Carey Inc. 212-492-8995 kmcmenamin@wpcarey.com

  Press contact: Guy Lawrence Ross & Lawrence 212-308-3333 gblawrence@rosslawpr.com

  SOURCE CPA:18 - Global

   http://news.sys-con.com/node/3379258