Investment firm W. P. Carey & Co. LLC announced today that CPA®: 17 – Global, one of its publicly held non-traded REIT affiliates, has acquired five self storage facilities, comprising a total of approximately 385,000 square feet and located in Louisiana, Mississippi and Alabama. The total purchase price was approximately $17 million.
Three properties are located in Louisiana, one is in Mississippi and one is in Alabama. The properties will be managed by CubeSmart’s self-storage property management division.
Commenting on the investment, W. P. Carey President and CEO Trevor Bond noted, “The addition of these assets adds both diversity and further stability to our portfolio, in line with our objective of providing consistent long-term income and is a strong addition to our managed funds.”
W. P. Carey Managing Director Anne Coolidge Taylor commented, “The properties are well located with good demographics and visibility. This attractive acquisition demonstrates our ability to continue to identify and purchase strong income-generating assets that meet our investment criteria.”
W. P. Carey Executive Director Liz Raun Schlesinger added, “We believe that adding these seasoned assets while retaining the experienced CubeSmart management team will enhance the value and stability of this investment. We know the CubeSmart management team well and look forward to working with them in order to maximize the value of these assets for our investors.”
W. P. Carey & Co. LLC W. P. Carey & Co. LLC (NYSE: WPC) is an investment management company that provides long term sale leaseback and build to suit financing for companies worldwide and manages a global investment portfolio of approximately $12.5 billion. Publicly traded on the New York Stock Exchange (WPC), W. P. Carey and its CPA® series of non-traded REITs help companies and private equity firms unlock capital tied up in real estate assets. The W. P. Carey Group’s investments are highly diversified, with approximately 284 long term corporate tenants spanning 28 industries and 18 countries. https://www.wpcarey.com
CubeSmart CubeSmart (NYSE: CUBE) is a self-administered and self-managed real estate investment trust. CubeSmart owns or manages 475 self-storage facilities across the United States and operates the CubeSmart Network, which consists of approximately 850 additional self-storage facilities. The Company plans to exceed Customer expectations by adding more personalized services and technology to some of the best storage spaces around. CubeSmart services include storage customization, logistics services, comprehensive moving services, organizational services, and office amenities. The Company’s self-storage facilities are designed to offer affordable, easily accessible, secure, and in most locations, climate-controlled storage space for residential and commercial customers, as well as boat storage and mini storage. According to the 2011 Self Storage Almanac, CubeSmart is one of the top four owners and operators of self-storage facilities in the U.S.
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.