W.P. Carey CEO Jason FoxNEW YORK CITY–W. P. Carey Inc. has completed its merger with one of its managed funds, Corporate Property Associates 17 – Global Incorporated, or CPA:17. The $5.9 billion transaction, which includes the assumption of debt, has increased the net lease REIT's equity market capitalization to approximately $11 billion, positioning it as one of the largest net lease REITs and among the top 25 publicly-traded REITs in the MSCI US REIT Index.
Under the transaction, which was first announced in June, stockholders received 0.160 shares of W. P. Carey common stock for each share of CPA:17. W. P. Carey issued 53.9 million shares of its common stock for this stock-for-stock transaction.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
