W. P. Carey Closes $40 Million Acquisition of Denver-area Class A Building
Facility represents high quality addition to REIT portfolio
NEW YORK, Dec. 4, 2013
NEW YORK, Dec. 4, 2013 /PRNewswire/ -- W. P. Carey Inc. (NYSE: WPC), a real estate investment trust ("REIT") specializing in corporate sale-leaseback financing, build-to-suit financing and the acquisition of single-tenant net-lease properties, announced today that it has acquired a Class A office building that will house one of tw telecom's support facilities.
Long-term lease: Beginning in early 2015, the entire property will be leased to tw telecomholdings inc. under a 15-year net lease. The property is currently leased on a short-term basis to multiple tenants.
Strategic location: The facility is located near tw telecom's corporate headquarters in the ParkRidge Corporate Center in Douglas County, Colorado. ParkRidge, which is easily accessible to downtown Denver, has recently attracted expanding or relocating companies, including Charles Schwab, Visa, Redwood Trust and Hitachi Data Systems.
High Quality Asset: TheParkRidge SixClass A facility of approximately 161,000 square feet will provide national support services for the company.
Purchase price: Approximately $40 million.
W. P. Carey Managing Director and Co-Head of Global Investments, Jason Fox, noted, "Given its strategic proximity to tw telecom's corporate headquarters, critical operational role and long-term lease with a credit rated tenant, the acquisition is consistent with our established investment parameters and is a solid, high quality addition to our portfolio."
tw telecom inc. tw telecom inc. (NASDAQ: TWTC) is a leading national provider of managed services, including Business Ethernet, converged and IP VPN solutions for enterprises throughout the U.S. and globally.
tw telecom also delivers secure, scalable private connections for transport data networking, Internet access, voice, VPN, VoIP and security to large organizations and communications services companies. Employing a resilient fiber network infrastructure, robust product portfolio and its own Intelligent Network capabilities, tw telecom delivers customers overall economic value, an industry-leading quality service experience and improved business productivity.
W. P. Carey Inc. Celebrating its 40th anniversary, 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 owns and manages an investment portfolio totaling approximately $15.8 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. Its portfolio of long-term leases with creditworthy tenants has an established history of generating stable cash flows that have enabled WPC 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. The statements of Mr. Fox are examples of forward looking statements. 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.