Document:

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Exhibit 10.40

SUMMARY OF LEASE AGREEMENT DATED DECEMBER 27, 2002 BETWEEN SOCIETE LOGIDIS AND
SOCIETE CV LOGISTIQUE. (ORIGINAL DOCUMENT IS IN FRENCH ONLY).

      SECTION 1 - This section identifies the document and the parties thereto,
describes the lease term of nine years, and the location of property in France.
This section also states that the property is in good condition, and is used for
food and non-food product storage.

      SECTION 2 - This section describes the general conditions to the parties'
performance under the lease. Specifically: (i) the tenant must occupy the
property; (ii) the tenant must maintain the property according to applicable
laws; (iii) if the lessor has complaints, it is the lessee's responsibility to
remedy; (iv) the lessee must maintain the physical security of the property; (v)
the lessee may not let the condition of the property deteriorate; (vi) the
lessee must warn the lessor of any deterioration in the property; (vii) the
lessee must use and occupy the property continuously and keep it furnished; and
(viii) the lessee can not hold the lessor responsible for any temporary
reduction of water, electricity, telephone service or heat unless it is the
fault of the lessor.

      Section 2 also provides conditions regarding installations and
improvements to the property. Specifically: (i) there will be no reduction in
rent for cost of maintenance or repairs; (ii) the lessee is responsible for
maintenance; (iii) the lessee may not change the purpose of property without
express prior permission of the lessor; (iv) the lessee may not add weight to
the floor or elevators more than can be tolerated by them; (v) the lessee cannot
install anything which will impede access to the HVAC systems; (vi) the lessee
may not undertake any work or improvements to the property which require a
construction or demolition permit; and (vii) minor work associated with the
needs of the lessee's usage requires the lessor's prior written permission. Any
improvements become the lessor's property at end of lease. The lessor must be
involved in any project that creates an extension of the property, and the
lessee must pay the full cost of all such extensions. Section 2 provides further
for reimbursement and the renegotiation of a new lease if any such extension is
added to the property. With respect to maintenance, the lessee is solely
responsible for all maintenance and repairs, and the lessee must maintain the
property in good condition. The lessee must permit the lessor to inspect the
property at lessor's discretion with 24 hours notice. The lessee must provide
the lessor with a report annually stipulating that property is in good
condition. The lessee must pay all rental, real estate, professional and other
taxes, waste removal tax, water drainage, street cleaning tax, and other
municipal taxes. The lessee must also pay all common area maintenance charges,
if any apply.

      Section 2 also address Recourse, Destruction and Insurance. Lessee
expressly renounces all recourse to the lessor or its insurance agents in case
of total destruction of the building, theft, vandalism, problems caused by
utilities and damages caused by riots, strikes and civil war. In case of total
destruction of the property through no fault of the lessee, the lease
terminates. The lessor reserves the right to sue the lessee if lessor can prove
that lessee at fault in any way. If the property is partially destroyed and can
not be used for its stated purpose, the same conditions shall apply as for total
destruction. If property may still be used for lessee's purpose, the lease will
not terminate, and damages will be covered by insurance. The lessee must
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take all possible steps to restore the property to good condition, and the
lessor will give any insurance proceeds it receives to the lessee. The lessee
must pay proportionate rent relative to amount of building it is able to use.

      The lessee will insure the property for lessor on its behalf against
material damage to property at the complete replacement cost of the facilities,
including all equipment and installations that belong to lessee. The lessee must
insure against fire, explosions, electrical damage, damage caused by airplanes,
natural catastrophes, smoke, strikes, riots and popular movements, vandalism,
water damage, building sinking due to lessee's fault, recourse against neighbors
and third parties and bomb attacks. Insurance must cover loss of rent for no
less than two years, any professional fees that are required. Any fees that
lessor must pay to insure the property will be repaid to lessor by lessee.
Lessee must insure itself on our lessor's behalf for any physical harm to third
parties occurring on property. Lessee must reimburse the lessor for any premiums
that lessor has to pay, and lessor reserves right to require lessee to cover
against any other reasonable risks. The lessee must insure all furniture and any
installations or improvements against all above risks, and insure itself against
physical harm to third parties. The lessee must maintain and renew insurance
during entire lease and prove to lessor that such insurance is in force and in
good standing. If lessee subleases any part of the property, the sub-tenant must
renounce any right to sue lessor for any reason. If construction on the property
is permitted, the lessee must prove it has adequately insured against any
potential damages, must have insurance in effect during the working period,
including a guarantee for any damages to property, accidents on the worksite and
third party harm. After any construction is completed, the lessee must obtain an
insurance policy to cover construction problems arising over the following ten
years. The lessee may not cede its right to the lease without the lessor's
express written permission. The lessee can terminate the lease if the property
will be leased by another entity of the Carrefour group or a successor company.
The lessee may not sub-lease the property without the lessee's prior express
written permission. Sublease to member of the Carrefour group will be permitted
by lessor. The lessee is responsible for all terms of the lease in the event of
a sublease. The lessor is not responsible for telephone systems.

      The lessee must inform the lessor one month in advance of when it will
vacate the premises, provided that lessee has fulfilled all the terms of the
lease, paid all taxes and rent, and can return the property in good condition.
If repairs are necessary at that time, lessee will choose who will perform the
work, with the consent of the lessor. If the lessee does not choose an
acceptable contractor to repair the property in this timeframe, the lessor will
select the contractor and lessee will pay for work done to restore the property.

      SECTION 3 - The lessee will pay annual rent as defined in Article 30 and
21. Pursuant to Article 17, additional rent, taxes, insurance and other charges
(maintenance), will be reimbursed to lessor on a quarterly basis. The lessee
shall estimate and pay quarterly taxes, adjusted annually as necessary. The
lessor must inform lessee of actual charges paid on lessee's behalf. The lessor
pays VAT and lessee must pay VAT with rent. Rent must be paid on first day of
each quarter (January, March, July, October). If lessee does not pay rent, there
will be a late charge of 7% plus interest. The lessee is to pay a security
deposit in an amount equal to 3 months

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rent before taxes. For any kind of default or failure to present security
deposit by lessee, lessor has the right to withdraw and terminate the lease. The
amount of the security deposit adjusted for rent increases. If lessee is in
default of the lease, lessor shall retain the security deposit.

      Rent shall increase based on INSEE index on the anniversary of the lease.
If the INSEE index decreases, rent will remain same (no decrease). When the
index is published, lessor will inform tenant as to any applicable change in the
amount of rent. If the index is published later than scheduled, lessee will owe
lessor any difference retroactive to the anticipated publication date, which,
must be paid within 15 days of notification by lessor. It shall be an event of
default, allowing lessor to terminate the lease, if after any rent increase
lessee fails to make payment within one month after the invoice has been
presented.

      SECTION 4 - Describes applicable events of default. If lessor tolerates
any failure to meet the lease provisions this will not be considered a lease
modification. If the lessee fails to meet any conditions of the lease,
especially non-payment of rent, lessor may declare default. If a default occurs
and lessor terminates the lease, and if the lessee refuse to vacate the
premises, lessor will appeal to the French court in Paris for relief. If the
lessor declares a default, lessor has the right to a fixed fine of 10% of the
amount due, to cover associated professional fees or expenses. If the lease
terminates due to default by lessee, lessee shall remain responsible for rent
until the end of the then current term of the lease. If lessee does not vacate
the property, it must continue to pay rent. Any prepaid additional rent and
security deposit will be forfeited to lessor.

      Section 4 also provides the addresses for notices to be sent to all
parties and guarantors, and acknowledges that each of the guarantors has given
to lessor the security deposit.

      SECTION 5 - Sets forth the following details with respect to the premises
and the lease (U.S. Dollar amounts are based upon current conversion rate of
1.037 Dollars per Euro):

<TABLE>
<S>                                <C>
Location:                          Crepy-en-Vallois, France
Square meters:                     51,440
Start of lease term:               December 27, 2002
Purpose of facility:               storage and warehousing of food and non-food
                                   products and offices for staff.
Annual Rent:                       E2,540,000/$2,633,955
VAT:                               E497,840/$516,255
Security deposit amount:           E635,000/$658,489
Guarantors:                        Carrefour, SA; Carrefour Hypermarches France
                                   SAS
Base:                              INSEE index
</TABLE>

      Also described or referred to in this section are a List of Annexes, map
of the property, condition report of property as of December 27, 2002, asbestos
clearance and the guaranty agreement.

                                      -3-<PAGE>
Exhibit 10.41 Summary of Mortgage terms with respect to the financing of
properties leased to Carrefour France SAS.

Borrower:      A Special Purpose Company (SPC), whose shares will be indirectly
               held by an investment fund managed by W.P. Carey.

Agent:         Aareal-Bank France S.A.

Lenders /      Aareal Bank France / Aareal Bank AG
Underwriter:

Purpose:       Partial financing of the purchase of 7 warehouses.

               These warehouses have the characteristics detailed in Appendix A
               1:

               Location:  Cholet (49), Ploufragan (22), Nimes (30), Colomiers
                          (31), Crepy en Valois (60), Lens (62), Thuit-Hebert
                          (27), on the sites described in the DTZ / WP Carey
                          information memorandum dated 17/10/2002.

               Area:      Total developed area of 273.133 m(2).

               Leases:    fully let to Logidis, Prodis Boisson and CV Logistique
                          100% subsidiaries of Carrefour Group, with the
                          guarantee of Carrefour France SAS, through 9 year firm
                          leases beginning at signature of the purchase
                          contract.

Loan amount:   85% of the total purchase price before stamp duty.

Term:          30 December 2014

Interest rate: Until 30.12.2012: 5.75%

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                    Year 2013 and 2014:

                    - 3 month Euribor + 1,00% margin,

                    Quarterly payments payable in arrears.

                    Interest payment date:

                    The first interest payment date will be on 30 March 2003
                    with subsequent interest payment dates falling quarterly
                    thereafter.

Arrangement fee:    490.000 Euro (plus VAT), payable to the Agent at closing.

Cancellation Fee:   Cancellation of any part of the Facility by the Borrower
                    following signing of the Loan Agreement and prior to
                    drawdown will be subject to a cancellation fee of 0,50%
                    flat.

Repayment:          Contractual amortisation as per to the attached schedule in
                    Appendix A-2, payable on quarterly basis, resulting in a
                    balloon payment of 59,354 MioEuro at maturity.

Early Repayment:    - During the first 5 years of the loan, payment of a penalty
                      of 0,5% p.a. for the remaining period until the end of
                      year 5 plus coverage of interest breakage costs if any,

                    - After the first 5 years, no penalty, but payment of
                      interest coverage breakage costs if any.

Cash Reserve:       From 30th June 2011, a Cash Reserve will be settled up if
(Cash sweep)        the Debt Service Coverage Ratio is not equal to 1,20
                    minimum.

                    The Debt Service Coverage Ratio corresponds to the total
                    net rental income based on existing and non-denounced
                    leases for the 18 coming months divided by the total
                    payments (capital + interest) due to the Lenders for the
                    same period.

                    If this ratio is below 1,20, the Borrower will have to
                    utilise its cash flow to fund this Cash Reserve
                    accordingly, with a maximum of 2.000.000 Euro.

                    It will be deposited in an account pledged to the Lenders.
                    It could be used for payment of interests and Loan
                    Amortisation in case of net cash flow deficit.

                    Setting up or topping up of this Cash Reserve at the
                    required level will be compulsory before any cashout in
                    favour of the shareholders or subordinated loan providers
                    until the Debt Service Coverage Ratio is equal to 1,20.

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               in case of default, the amount of the Cash Reserve would
               automatically reduce the Loan amount.

               The Cash Reserve would be released once the Debt Service Coverage
               Ratio is equal to 1,20.

Security:      The Lender's requirements for security prior to drawdown of the
               facility will include, but will not be limited to, the following:

               - First Rank Registered Mortgage/"Privilege de Preteur de
                 Deniers" on the buildings.

                 This mortgage amount will be registered on the 7 buildings, the
                 splitting of the registered mortgages being made on the basis
                 of the results of the final valuation reports.

               - Fixed charge over the shares of the single asset company
                 ("caution solidaire et simplement reelle des associes portant
                 nantissement des parts de l'Emprunteur") with shareholders'
                 agreement on any assignee to become a future associate in the
                 case of the pledge of shares being carried out,

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               -    Subordination deed with the shareholders in respect of inter
                    company debt,

               -    Legal assignment ("Cession Dailly") of the rental income
                    notified to the lessees,

               -    Legal assignment ("Cession Dailly") of the CARREFOUR FRANCE
                    SAS Guarantee ("Cautionnement Solidaire") notified to
                    CARREFOUR FRANCE SAS. This guarantee should be supplemented
                    by either the Commitment of Carrefour France SAS to keep
                    100% of CARREFOUR HYPERMARCHE FRANCE SAS, or by the joint
                    guarantee of CARREFOUR HYPERMARCHE FRANCE SAS, to be
                    assigned by "Cession Dailly",

               -    First legal charge over the account which receives the
                    rentals, opened in the books of the Agent,

               -    Assignment of insurance policies (including a two year
                    coverage of loss of rental income in case of damage).

Conditions          Conditions precedent to be satisfied on or before drawdown
precedent:          will include, but not be limited to, the following:

               -    Satisfactory legal and property related due diligence,

               -    Deposit on a bank account opened with the Agent, at least
                    two (2) business days before closing, of the whole equity
                    and/or subordinated loans which are necessary to fund the
                    remaining purchase price (all costs included),

               -    Signing of a loan and security documentation satisfactory to
                    the Agent,

               -    Certificate proving that the buildings are in conformity
                    with French law concerning asbestos and all necessary
                    administrative authorisations (security,...),

               -    Copy of the audited accounts of the Borrower (opening
                    balance sheet),

               -    Copy of the leases and an updated rentroll,

               -    Exhibition of valuations of the buildings carried out by an
                    independent expert agreed by the lenders (cf list in
                    Appendix A3) and confirming that the total of the buildings
                    open market values,

               -    Copy of the management contract confirming that the asset
                    management fee does not exceed 2% p.a., except after the 9th
                    anniversary of the leases, when a 4% p.a. fee will be paid
                    if the net rental income is at least equal to the one of the
                    previous year,

               -    Copy of the letter sent to French tax authorities,
                    containing commitment to provide the latter with all
                    information according to article 990 E 3(degree) of the CIG
                    and instruction no 7 Q-3-93 as of October 1993, allowing to
                    be exempted from the payment of the French 3% tax on real
                    estate,

               -    Copy of the letter to French tax authorities, confirming the
                    VAT option for the rentals.

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Cash flow allocation: All cash flow of the Borrower will be applied as follows:

                      1. To pay the charges relating to the buildings,
                      2. To pay interests on the Loan,
                      3. To pay the amortisation of the Loan,
                      4. And, from 30th June 2009, to fund or to replenish the
                         Cash Reserve if necessary.

                      The quarterly excess cash flow shall be made available to
                      the Borrower if no default has occurred.

Other Conditions      -  The Borrower is to be a special purpose company whose
(during the whole        activity will be limited to the ownership and the
term of the Loan):       management of the financed buildings,

                      -  The Borrower shall commit not to pledge or mortgage the
                         financed buildings without the Lenders' agreement,

                      -  No change in control (direct or indirect) of the
                         Borrower during the term of this facility and more
                         particularly, the Borrower shall agree not to merge the
                         mortgaged buildings into a new company,

                      -  The Borrower shall not sign or amend or materially
                         alter the terms of the leases without the Lenders'
                         consent,

                      -  The Borrower shall notify the Agent of any event which
                         could affect the debt service or reduce the value of
                         its security or represent a material adverse change for
                         the company,

                      -  The Borrower will provide the Agent with the annual
                         technical audited reports detailing the works done by
                         Carrefour on previous year and the one to be done in
                         the following year,

                      -  The Borrower will provide the Agent with its annual
                         audited accounts together with a copy of the minutes of
                         the shareholders meetings approving these accounts, and
                         with the annual financials of Logidis SAS, CV
                         Logistique, and Prodis Boisson,

                      -  Quarterly information on the rental payments with
                         particular information on unpaid amounts,

                      -  The Agent will have the right to revalue the buildings
                         at expense of the Borrower every three years and at any
                         time if an event of default occurs,

                      -  Commitment to undertake, each year, all necessary steps
                         with the relevant tax authorities, in order to be
                         exempted from the French 3% tax on real estate and
                         obligation to inform the Agent accordingly.

Events of Default:    Including, without limitation, the following:

                      -  If the Borrower does not fulfil one of its
                         commitments,

                      -  In case of default of the Borrower towards a third
                         party, unless the Borrower has reasonable grounds to
                         dispute the payment,

                      -  In case of receivership.

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Legal costs and        Notary fees and legal opinion fees related to the Loan
expenses:              documentation and the securities will be for the account
                       of the Borrower, as well as DTZ Eurexi valuation fees.

Syndication:           The Lender reserves the right to syndicate or to securize
                       the facility, although this will not be a condition for
                       drawdown. The Borrower is committed to cooperate during
                       the Syndication process and will meet the reasonable
                       information requirements of any interested party.

Confidentiality:       The contents of these indicative Terms and Conditions are
                       to be held strictly confidential between the Lenders, the
                       Borrower and its legal advisors.

Legal                  In French and according to French law.
documentation:

Period of validity:    - For acceptance of the indicative offer: 15th
                         November 2002
                       - For a presentation to Credit Committee on: 26th
                         November 2002

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