W. P. Carey and Finland's Pohjola Complete $110 Million Sale-Leaseback

Scandinavian Insurance Company Completes Sale-Leaseback to Rebalance Its Investment Portfolio

NEW YORK, NY -- (MARKET WIRE) -- 01/04/2005 -- Investment firm W. P. Carey & Co. LLC announced today that it acquired and leased back the corporate headquarters of Pohjola Non-Life Insurance Company Ltd. (POH1V.HE), one of the largest Scandinavian insurance companies and financial institutions. The total cost was approximately $110 million (Euro 83.6 million). The sale of the 979,516 square foot facility, located in Helsinki, Finland, will enable Pohjola to rebalance its investment portfolio.

The transaction was completed on behalf of Corporate Property Associates 15 Incorporated (CPA®:15) and Corporate Property Associates 16 - Global Incorporated (CPA®:16 - Global), members of the $7 billion W. P. Carey Group of income generating, publicly held, non-traded real estate investment trusts (REITs). CPA®:15 will own a 60% interest, while CPA®:16 - Global will own the remaining 40% interest.

This transaction represents W. P. Carey's first acquisition of the New Year and adds to its rapidly growing portfolio of global investments, which consists of more than 12.6 million square feet. In July 2004, the W. P. Carey Group acquired and leased back the chief technology facility and a corporate office of TietoEnator, located in Espoo, Finland, for approximately $97 million (Euro 72 million). Other recent transactions include office, industrial, warehouse and distribution facilities leased to Wallac Oy in Turku, Finland; Katun Corporation in Gorinchem, the Netherlands; Actuant Corporation in Kahl am Main, Germany; Carrefour throughout France, the Polestar Group in Leeds, United Kingdom and the Belgium Government in Mons, Belgium.

Edward V. LaPuma, Chief Investment Officer of W. P. Carey International, said, "We are very excited about completing this transaction with one of the top insurance companies in Scandinavia as it represents our second deal in the past six months with one of Finland's leading corporations. As net lease financing becomes increasingly popular among companies in Europe, many are realizing the benefits of working with W. P. Carey, an industry leader and sale leaseback pioneer, who has established a presence in Europe and has a track record of closing transactions on time and as proposed. We're excited for an active 2005 as we look to work with companies around the world to meet their capital needs."

Eero Heliövaara, President and CEO of Pohjola, said, "We had several, both domestic and foreign, parties interested in acquiring this property. We chose W. P. Carey because the company has extensive experience in real estate investing and we are pleased with the results."

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