(By Balaseshan) W.P. Carey Inc. (NYSE: WPC), a real estate investment trust (REIT), said its affiliate CPA:17 - Global has acquired four self storage facilities in western Texas for about $33 million.
The properties comprise a total of 361,490 square feet and are located in Midland and Odessa. The properties will be managed by CubeSmart (NYSE: CUBE). Financing of $19.5 million was provided through a mortgage with Wells Fargo.
"The acquisition of this exceptional group of assets allows us to add four well-located properties that were recently built and benefit from modern amenities to our portfolio. The solid financial metrics of the properties, combined with the desirable attributes of the properties themselves, support CPA:17 - Global's long-term, income-oriented investment objectives," said W. P. Carey Managing Director Anne Coolidge Taylor.
W. P. Carey provides long-term sale-leaseback and build-to-suit financing for companies worldwide and manages an investment portfolio of about $13.7 billion. W. P. Carey is the successor to W. P. Carey & Co. LLC, which had its origins in 1973.
The firm primarily invests in commercial properties that are generally triple-net leased to single corporate tenants including office, warehouse, industrial, logistics, retail, hotel, R&D, and self-storage properties.
WPC is trading down 0.62% at $49.30 on Wednesday. The stock has been trading between $39.66 and $54.70 for the past 52 weeks.