W.P. Carey to Become REIT

NEW YORK CITY-The investment firm W.P. Carey is anticipated to have a total equity market capitalization of approximately $3 billion after it changes it status to a REIT and acquires Corporate Property Associates 15 Incorporated, the company unveiled. Additionally, the newly-formed REIT will have total market capitalization of $5 billion and a portfolio of 43 million square feet of corporate real estate leased to 135 companies around the world once the merger is complete.

W.P. Carey will change its name to W.P. Carey Inc. following its change in status and the company states that it will continue to trade on the New York Stock Exchange.  The transaction values CPA:15 at $2.6 billion, including the assumption of CPA:15 debt of $1.2 billion, as of December 31, 2011.