NEW YORK, Nov. 20 /PRNewswire-FirstCall/ -- Investment firm W. P. Carey & Co. LLC (NYSE:WPC) announced today that its publicly held, non-traded REIT affiliates, CPA(R):15 and CPA(R):16 - Global, provided $31 million in financing to German manufacturing company, Lindenmaier AG.
W. P. Carey's CPA(R) affiliates purchased Lindenmaier's global headquarters and largest production site as well as an industrial warehouse property and are leasing the facilities back to Lindenmaier on a long-term basis. Established in 1933 in Laupheim, Germany, Lindenmaier specializes in manufacturing turbochargers as well as transmission and braking system components. Over the last decade, Lindenmaier has grown from a classical manufacturer of simple metal parts to a sophisticated developer and producer of complex precision components with ultimate end-market application for well- recognized car models including Daimler, Ford, Audi, VW, Porsche and BMW.
"Lindenmaier has been operating in the automotive industry for nearly 75 years and we've done so by establishing deep customer relationships," said Dr. Karl-Heinz Romer, CFO. "W. P. Carey has the same long-term, relationship- driven philosophy and so doing a sale-leaseback with them was a logical choice. As a growing, expanding company, this transaction is allowing us to recapitalize our balance sheet and is providing us the liquidity to make several planned equipment purchases in 2008."
Year-to-date, the W. P. Carey Group has provided approximately $135 million in financing to German middle-market or "mittelstand" companies. "The German mittelstand market represents a great opportunity for us," said Edward V. LaPuma, President of W. P. Carey International. "In the past 12 months, we have completed four transactions with mittelstand companies: automotive parts manufacturers Gortz+Schiele and Voit, machinery and equipment manufacturer Schuler, and now Lindenmaier. In Germany and Europe generally, the credit- crunch has reduced sources and availability of financing for companies of all sizes. Because we structure our acquisitions with moderate leverage, we are able to continue to fund and close these deals on a timely basis. As a result, despite the challenges of the current global financing markets, these companies are able to monetize their real estate assets and redeploy that capital in their core businesses. This strategy provides attractive long term financing for these companies that is consistent with our goal of investing for the long run in well-capitalized and well-managed businesses that are positioned for solid future growth."
W. P. Carey & Co. LLC
Founded in 1973, W. P. Carey & Co. LLC is a leading global provider of long-term net lease financing for companies worldwide. With approximately $9.7 billion in assets and over $5 billion in equity capital, the Company and its CPA(R) series of income generating real estate funds specialize in helping companies and private equity firms realize the capital tied up in their real estate assets. The W. P. Carey Group owns more than 850 commercial and industrial properties in 14 countries, representing approximately 100 million square feet. www.wpcarey.com
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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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Source: W. P. Carey & Co. LLC
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