NEW YORK CITY-After a six-month due-diligence review, W.P. Carey & Co. LLC merged Corporate Property Associates 14 Inc. (CPA:14) with a subsidiary of Corporate Property Associates 16 Global Inc. (CPA:16) on Tuesday. A spokesman for WP Carey tells GlobeSt.com that the merger gives an opportunity for shareholders to “show liquidity for the investors,” providing them with a choice to cash out or reinvest in other non-traded REITs.

Under the terms of the merger, the company announced in a statement that CPA:14’s total merger consideration was $11.50 per share, providing original investors with an average annual return of 8.96% at liquidation. CPA:14 shareholders were given the option to receive either $10.50 in cash or 1.1932 shares of CPA:16 common stock as a merger consideration, according to a statement from WP Carey.

Serving as an advisor to the CPA series of funds, WP Carey converted all the CPA:14 shares it owned into shares of CPA:16, and then purchased 13.75 million additional shares of CPA:16 for $121 million. “At the end of the day, it creates liquidity for folks,” says a source familiar with the deal. “The CPA:16 shareholders get an extra portfolio they can buy into. For the CPA:14 shareholders, it is an opportunity for them to decide if they want to cash out or stay into a larger more diversified pool.”