WP Carey funds $445m retail venture.Investment firm W. P. Carey & Co. LLCannounced that it has arranged to provide approximately $445 million to German Do-It-Yourself retailer Hellweg Die Profi-Baumarkte GmbH & Co. KG and its affiliates--the largest financing in the 30-plus year history of W. E Carey. Long-term financing Long-term financing Liabilities repayable in more than one year plus equity. was provided by W. P. Carey's CPA (Computer Press Association, Landing, NJ) An earlier membership organization founded in 1983 that promoted excellence in computer journalism. Its annual awards honored outstanding examples in print, broadcast and electronic media. The CPA disbanded in 2000. [R] REIT REIT See: Real Estate Investment Trust REIT See real estate investment trust (REIT). series of managed funds through a partial purchase of Hellweg's real estate subsidiary, Hellweg Vermogensverwaltung KG, and a loan collateralized by 37 operating sites. The sites total approximately 3.2 million square feet and are located throughout Germany. These transactions are a follow on to the $154 million sale-leaseback transaction the two companies closed in March of 2005--at the time, W. P. Carey's largest single European investment completed on behalf of its managed CPA[R] series of REITs. Hellweg, originally founded in 1905 as a lumber retailer, has been operating in the Do-It-Yourself industry for the last 35 years and is presently owned by Reinhold Semer. The company operates 72 locations in Germany and seven in Austria and holds a top market position in the North Rhine-Westphalia North Rhine–Westphalia (nôrth rīn-wĕstfāl`yə), Ger. Nordrhein-Westfalen (nôrt`rīn-vĕst'fä`lən), state (1994 pop. 17,759,000), 13,111 sq mi (33,957 sq km), W central Germany. region and in greater Berlin. "We were pleased to be able to work with Hellweg again," said Jan F. Karst Karst (kärst), Ital. Carso, Slovenian Kras, limestone plateau, W Slovenia, N of Istria and extending c.50 mi (80 km) SE from the lower Isonzo (Soča) valley between the Bay of Trieste and the Julian Alps. , chief operating officer Chief Operating Officer (COO) The officer of a firm responsible for day-to-day management, usually the president or an executive vice-president. of W. P. Carey International. "One of our key goals at W. E Carey is to build strategic ongoing relationships with our clients. Since the completion of the first transaction, Hellweg recognized the value of our long-term investment philosophy and was interested in working with us again. "This is truly a testament to W. P. Carey's partnership approach to client relationships." "We hope to be able to replicate the success we've had with Hellweg with companies throughout Europe, Asia, and around the globe," added president of W. P. Carey International, Edward V Edward V, 1470–83?, king of England (1483), elder son of Edward IV and Elizabeth Woodville. His father's death (1483) left the boy king the pawn of the conflicting ambitions of his paternal uncle, the duke of Gloucester (later Richard III) and his maternal . LaPuma. "And, in a market where companies are forced to be more creative, our ability to close 'outside the box' transactions as well as more traditional structures benefits our clients and sets us apart from our competition." |
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