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When iHeartCommunications was looking for ways to cut its corporate overhead after a 2008 leveraged buyout of its predecessor, Clear Channel Communications, it turned to W. P. Carey Inc. to help with one drain on corporate cash needed for debt repayments.
In February, the global net lease REIT acquired iHeartCommunications' corporate center in San Antonio, TX, and leased it back to the broadcasting and outdoor advertising giant for 20 years. WPC paid about $22 million for the property, which iHeartCommunications uses mainly for its IT and finance departments.
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