NEW YORK, June 12, 2013 /PRNewswire/ -- W. P. Carey Inc. (NYSE:WPC), a leading provider of corporate sale-leaseback financing, announced today that it has acquired the corporate headquarters for the Arbella Insurance Group. The property, located in Quincy, Massachusetts, is currently leased to Arbella with a remaining term of 14 years. The purchase price was approximately $26 million.
The 132,000 square foot facility has served as Arbella's corporate headquarters since 1996 and is located on a 5.8 acre site in an upscale office park 11 miles south of downtown Boston's financial district. Building amenities include 24/7 key card access, on-site banking operations, manned security, a conference facility, a convenience store and food service. The office park includes the Boston Marriott Quincy hotel, a medical office building and daycare center and is located adjacent to the Quincy Adams Red Line subway offering public transportation for commuters from the Boston area.
Commenting on the acquisition, W. P. Carey Managing Director and Co-Head of Global Investments Jason Fox noted, "This acquisition represented the opportunity to invest in an attractive real estate asset leased to a credit rated tenant on a long term basis. With an A- rating from A. M. Best and a BBBpi credit rating from Standard & Poor's, Arbella has a solid financial profile. Combined with the building's convenient location, easy accessibility and upscale amenities, the investment is consistent with our strategy of generating stable cash flow and long term value for our stockholders."
Arbella Insurance Group
Established in 1988, the Arbella Insurance Group (www.arbella.com) is a company with more than $600M in revenue and approximately $1B in assets, headquartered in Quincy, Massachusetts. Arbella is a customer-focused regional property and casualty insurance company, providing personal and business insurance in Massachusetts and Connecticut, and business insurance in Rhode Island and New Hampshire.
W. P. Carey Inc.
Celebrating its 40th anniversary, W. P. Carey Inc. (NYSE: WPC) is a publicly traded real estate investment trust ("REIT") that provides long-term sale-leaseback and build-to-suit financing for companies worldwide and owns and manages an investment portfolio totaling approximately $15.2 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 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 WPC'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 WPC, reference is made to the WPC's filings with the Securities and Exchange Commission.
W. P. Carey Inc.
Ross & Lawrence
SOURCE W. P. Carey Inc.
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