Reyes Holdings Mortgages $54 Million Facility

NEW YORK, NY -- (MARKET WIRE) -- 02/16/2005 -- Investment firm W. P. Carey & Co. LLC (NYSE: WPC) announced today that it originated and structured a $54 million first mortgage loan for affiliates of Rosemont, Illinois-based Reyes Holdings, L.L.C., one of the largest privately held food and beverage distributors in North America. The mortgage is secured by a beer distribution facility and three cold storage facilities operated by subsidiaries of Reyes Holdings L.L.C. W. P. Carey retained the $12.8 million subordinated "B-Note" position in the mortgage, while the $41.2 million senior position was purchased by another firm. The 10-year fixed rate first mortgage loan is secured by a beer distribution facility in Gardena, California and three cold storage facilities located in Rogers, Minnesota, Mt. Pleasant, Pennsylvania and Oak Creek, Wisconsin, totaling 837,000 square feet.

The transaction was completed on behalf of Corporate Property Associates 16 - Global Incorporated, a member of the $7 billion W. P. Carey Group of income generating, publicly held, non-traded real estate investment trusts (REITs).
Teddy Kaplan, Vice President of W. P. Carey, said, "This transaction reflects our continued efforts to structure unique financing solutions for high quality companies seeking to maximize the capital embedded in their real estate assets. We are pleased with its successful completion and anticipate similar transactions in the future as more companies learn about W. P. Carey's broadening finance capabilities."