W. P. Carey Provides $24.3 Million in Sale-Leaseback Financing to Hilite International, Inc. Subsidiaries

Represents 100th International Property Acquired by W. P. Carey

NEW YORK, June 7 -- W. P. Carey International LLC, an affiliate of investment firm W. P. Carey & Co. LLC , announced today the completion of a sale-leaseback transaction with Hilite Europe GmbH and Hilite Germany GmbH ("Hilite"), both subsidiaries of Hilite International, Inc., a designer and manufacturer of highly engineered valve based systems used in automotive engines and transmissions.

W. P. Carey's affiliated income generating real estate fund, Corporate Property Associates 16 - Global Incorporated (CPA(R):16 - Global), will provide $24.3 million (euro 18.9 million) to Hilite under a long-term triple net lease, as part of Hilite's broader recapitalization strategy.

Located off the A3 Autobahn in Marktheidenfeld, Germany, the office/light manufacturing facility serves as Hilite's European headquarters and largest operations center and is strategically located to provide a direct connection to major cities throughout Germany and to Hilite's top European customers.

Edward V. LaPuma, President of W. P. Carey International LLC, said, "This recent transaction with Hilite represents W. P. Carey's 100th internationally acquired property, 18% of which are located in Germany. Our ability to provide cross-border sale-leaseback financing allows us to be more valuable to the hundreds of companies to which we provide real estate financing solutions."

Gregory A. Farmer, Controller at Hilite International, Inc., said, "Our new partnership with W. P. Carey exemplifies our ongoing, long-term commitment to our customers and our dedication to remaining a leading designer and manufacturer of highly engineered valve systems. W. P. Carey's sale-leaseback financing was integral to our recapitalization, which provided us with the appropriate financial platform to succeed in this highly competitive industry."

HILITE INTERNATIONAL, INC.

Hilite International, Inc., headquartered in Cleveland, OH, is a designer and manufacturer of highly engineered valve based systems used in automotive engines and transmissions. The Company's German subsidiary specializes in advanced valve technologies used to improve engine performance and fuel efficiency, while reducing emissions. Previously a division of Siemens and acquired by Hilite in 2002, the Germany subsidiary has long-standing relationships with German OEMs such as Volkswagon, Mercedes, BMW, and Audi. Hilite is majority owned by private equity sponsors Citigroup Venture Capital, Blue Point Capital, and Kelso & Company. http://www.hilite.com/

W. P. CAREY & CO. LLC

Founded in 1973, W. P. Carey & Co. LLC is a leading global real estate investment firm. The Company provides asset management services to its CPA(R) series of income generating real estate funds. With over $4 billion in equity capital, the W. P. Carey Group is one of the largest providers of net lease financing for corporations worldwide. The Group owns more than 700 commercial and industrial properties in 13 countries, representing over 95 million square feet, valued at approximately $8 billion. http://www.wpcarey.com/

Individuals interested in receiving future updates on W. P. Carey via e-mail can register at http://www.wpcarey.com/alerts.

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.

  PRESS CONTACT:

  W. P. Carey & Co. LLC               Financial Dynamics
  Heather Bentley                     Stephanie Highett/Dido Laurimore
  +1 212-492-8992                     phone: +44 (0)20 7831 3113
  hbentley@wpcarey.com                stephanie.highett@fd.com
  http://www.wpcarey.com/MediaKit     dido.laurimore@fd.com