W. P. Carey Provides $47 Million in Global Financing

Meets Financing Needs of High-Quality Companies Worldwide; Completes First Investment in Belgium

Business Editors/Real Estate Writers NEW YORK--(BUSINESS WIRE)--Jan. 21, 2004--Investment firm W. P. Carey & Co. LLC (NYSE:WPC) announced today that it has recently acquired seven facilities, totaling approximately 411,000 square feet, located in the U.S. and Belgium for approximately $46.7 million. These latest acquisitions reflect the continued interest among high-quality corporations to match their long-term assets with long-term financing while utilizing the tailored financing provided by W. P. Carey and its affiliates.

Among the transactions funded on behalf of Corporate Properties Associates 15 Incorporated (CPA(R):15), part of the $6 billion W. P. Carey Group of income generating, publicly held, non-traded real estate investment trusts (REITs), were:

-- The acquisition of a Belgium government office facility in Mons, Belgium, for EUR11.5 million ($14.7 million US). The 90,000 square foot facility will be leased for a period of 18 years. This is the first time the W. P. Carey Group has purchased a property in Belgium and adds to its growing portfolio of properties in Europe.

-- The $12.5 million acquisition of the corporate headquarters (two buildings) and primary call center from a leading business services company offering outsourced customer services and customer relationship management (CRM) programs to Fortune 1000 companies. The 111,000 square foot facilities, located in Peoria, Illinois, will be leased under a 20-year triple-net lease with two, ten-year renewal options.

-- The purchase of two warehouse facilities from a leading supplier of plumbing repair products for $9.8 million. The facilities, located in Oceanside, California and Concordville, Pennsylvania, total 161,000 square feet and will be leased under a 20-year triple-net lease with two, ten-year renewal options.

-- The purchase of a leasehold on a sports and fitness center from one of the leading operators of health-fitness clubs in the U.S. for $9.7 million. The 49,000 square foot facility, located in Englewood, Colorado, has 18 years remaining on its initial lease term with two, five-year renewal options.

Gordon F. DuGan, President and Co-Chief Executive Officer of W. P. Carey, said, "These recent transactions reflect our continued ability to meet the financing needs of high-quality companies worldwide. In addition, we are pleased with the acquisition of a facility in Belgium from the Belgium government. While the sale-leaseback remains a popular alternative form of financing both here in the U.S and in Europe, companies continue to recognize the advantages of our customized value-added financing solutions. We endeavor to be the current and future source of financing for companies as they seek to grow and expand their business."

W. P. CAREY & CO. LLC

W. P. Carey & Co. LLC is a leading investment firm that serves as the preeminent provider of sale-leaseback financing to corporations in the United States and Europe. The Company acquires single-tenant corporate and industrial properties and leases them back to the tenant often under a triple-net lease lasting 15-20 years. By converting an otherwise depreciating asset, companies are able to use the capital they receive from W. P. Carey to pay down debt, fund acquisitions or reinvest in the core competencies of their business. W. P. Carey owns and/or manages more than 600 commercial and industrial properties throughout the United States and Europe representing more than 80 million square feet.

This press release contains forward-looking statements within the meaning of the Federal securities laws. A number of factors could cause the company's actual results, performance or achievement to differ materially from those anticipated. Among those risks, trends and uncertainties are the general economic climate; the supply of and demand for office and industrial properties; interest rate levels; the availability of financing; and other risks associated with the acquisition and ownership of properties, including risks that the tenants will not pay rent, or that costs may be greater than anticipated. For further information on factors that could impact the company, reference is made to the company's filings with the Securities and Exchange Commission.

CONTACT: W. P. Carey & Co. LLC Curt Ritter, 212-492-8989 critter@wpcarey.com Media Kit: www.wpcarey.com/MediaKit KEYWORD: NEW YORK BELGIUM INTERNATIONAL EUROPE INDUSTRY KEYWORD: BUILDING/CONSTRUCTION REAL ESTATE BANKING GOVERNMENT SOURCE: W. P. Carey & Co. LLC