CPA:18 – Global, a publicly held, non-traded real estate investment trust (REIT) managed by global net-lease REIT W. P. Carey Inc., achieved record transaction volume in 2015 of more than $300 million in acquisitions for its self-storage portfolio. Nearly half the volume was recorded in the last six months of the year, according to a company press release.
The company closed 14 transactions during the second half of 2015. Those deals involved 21 self-storage properties ranging between $3 million and $40 million. "Through 14 transactions, we succeeded in acquiring 20 well-positioned operating facilities and a to-be-completed facility in Canada,” said Liz Raun Schlesinger, managing director of W. P. Carey, who is head of the self-storage team. “Sourcing and executing multiple transactions, our nimble and focused team continues to demonstrate its ability to recognize attractive investment opportunities and efficiently manage the structuring, due diligence and documentation processes.”
The U.S. properties acquired in the last half of the year are in Florida, Nevada, New York, North Carolina, Oregon and Texas. The Canadian property is in Mississauga, Ontario, Canada. Combined, the assets comprise more than 1.5 million square feet in 13,236 storage units. The properties will be managed by Budget Development Group, CubeSmart, Extra Space Storage Inc. and Secure Self Storage.
W. P. Carey owns 189 self-storage facilities in 28 states. The company announced last fall that it’s evaluating whether it should break into three separate businesses. The new structure would likely include a U.S. net-lease REIT that would own and manage domestic commercial properties, an international net-lease entity, and an asset-management company that would create non-traded REITs and other alternative investment products.
W.P. Carey is a New York-based investment-management company that oversees a global investment portfolio and has an enterprise value of approximately $10.4 billion. It manages a series of non-traded REITs with assets under management of approximately $10.5 billion. It provides companies worldwide with long-term sale leaseback and build-to-suit financing, and engages in other types of real estate-related investment.
