W. P. Carey Finalizes $2.7B Merger with Non-Traded CPA:18 – Global
Net lease REIT W. P. Carey Inc. (WPC) has completed its $2.7-billion merger with Corporate Property Associates 18 – Global Incorporated, a non-traded REIT for which WPC acted as advisor. The merger adds approximately $2 billion of real estate assets—including 65 self-storage properties—to WPC’s portfolio after asset sales, most of which have been completed.
When the merger was first announced in February, WPC CEO Jason Fox said it would provide CPA:18 –Global investors with “liquidity as well as the opportunity to continue their investment in a similar company.”
He added that it provides WPC with “the opportunity to purchase high-quality assets that align well with its own portfolio, generating stable and recurring real estate revenues that will support our focus on growth and income for investors.”
In connection with the merger, WPC expects to issue 13.8 million shares of common stock, increasing its equity market capitalization to approximately $18 billion.
- ◦Sale/Acquisition