Investment-management company W.P. Carey & Co. LLC and its affiliate, Carey Storage, together with investment-management firm Harbert Management Corp., are contributing a total of $50 million into a new self-storage joint venture. The venture begins with an existing portfolio of 13 self-storage properties worth $60 million that have been by W.P. Carey's investment team over the past two years. The company manages approximately $440 million in self-storage assets. The team is actively pursuing additional acquisitions.
 
W.P. Carey is an investment-management company that provides long-term sale-leaseback and build-to-suit financing for companies worldwide. The company manages a global investment portfolio worth more than $10 billion. It began investing in net-lease properties in 1973 and has been managing its Corporate Property Associates series of real estate investment trusts since 1979.
 
Based in Birmingham, Ala., Harbert is an investment-management firm managing more than $8.9 billion in assets and committed capital as of January 1, 2009.
 
Source: CNNMoney.com, W. P. Carey and Harbert Management Form Self-Storage Joint Venture