PR Newswire - May 4, 2004
Investment firm W. P. Carey & Co. LLC announced today the completion of a $312 million lease transaction involving 78 retail self-storage and truck rental facilities totalling 4 milion square feet in 24 states which operate under the U-Haul brand name. U-Haul used proceeds from the sale-leaseback to pay off their synthetic lease debt.
The properties, totaling approximately four million square feet, were acquired on behalf of Corporate Property Associates 14 Incorporated, (CPA(R):14), Corporate Property Associates 15 Incorporated (CPA(R):15), and Corporate Property Associates 16 -- Global Incorporated (CPA(R):16 -- Global), members of the W. P. Carey Group of income generating, publicly held non-traded real estate investment trusts (REITs).
The facilities are located in 69 cities in 24 states. All 78 locations contain a truck rental facility, and all but one contains a self-storage facility. Under the terms of the two separate bond-type net lease agreements the self-storage facilities will be leased for an initial term of 20 years. The lease can be renewed for two ten-year periods. The truck rental facilities will be leased for an initial term of 10 years. There is also a 20-year management agreement with U-Haul to run both sides of the operation.
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Tuesday, May 04, 2004
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