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WP Carey'sEdward LaPuma

We expect to see sale/leasebacks become more popular in Europe.

By Graham Parker | Updated on March 20, 2002

Over the years, New York City-based WP Carey has carved a sizable niche for itself in net leases and sale/leasebacks. It has invested in more than 450 properties since it was founded in 1973, and its $3 billion portfolio now extends to more than 55 million sf of space. In 1979, the company, which characterizes itself as a long-term property investor, launched the first in a series of successful partnerships and REITs, and in 1998 Carey combined nine of its funds–Corporate Property Associates 1-9–into Carey Diversified LLC, which floated on the New York Stock Exchange. In June 2000, Carey Diversified acquired its manager to create WP Carey & Co. LLC. It has continued to launch and manage new investment funds, the latest being CPA 15. At the moment, Europe accounts for about 2.4% of the total portfolio–the remainder being in the USA–but recently Carey caught the attention of the international market with a $24.6-million (US) sale/leaseback on the PerkinElmer research and production facility in Turku, Finland. Responsible for that deal was Edward V. LaPuma . He is an executive director in Carey’s Acquisitions Department and serves as president of Carey Institutional Properties.

GlobeSt.com: WP Carey’s portfolio has grown five-fold in the past eight years. How do you account for this rapid growth?

LaPuma: Companies no longer want to have their dollars tied up in bricks and mortar. They want to invest it in their core competencies. And that applies to investors, too. Take PerkinElmer. People buy PerkinElmer because they want to be in life sciences. They don’t even conceptualize that they may own real estate.

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