W.P. Carey Merges Two REITs

NEW YORK CITY-W.P. Carey & Co. said Tuesday that two of the non-traded REITs it manages will merge. The CPA:14 non-traded REIT, with real estate assets of $1.94 billion as of Sept. 30, will combined with CPA:16 Global, part of a series of transactions by which CPA:14 will liquidate, subject to shareholder approval.

Additionally, CPA:14 will sell joint venture interests in a total of six investments, valued at approximately $89.5 million plus the assumption of related debt, to W.P. Carey and CPA:17  Global, also managed by W.P. Carey. CPA:14 opened in 1997 and closed in 2001. In an SEC filing Tuesday, W.P. Carey said the merger was deemed to be in the best interests of CPA:14’s stockholders, who will receive total consideration valued at $11.50 per share. Currently, W.P. Carey owns about $92 million in CPA:14 shares and  $61 million in CPA:16 shares.