Net lease REIT W.P. Carey's board approved the formal agreement to merge with Corporate Property Associates 18 – Global Incorporated, known as CPA:18.

The transaction, based on an implied $10.45 share price, which includes a fixed 0.0978 ratio exchange of W.P. Carey shares per CPA:18 share plus $3 in cash, has an estimated value of $2.7 billion, including the assumption of debt. A sale of CPA:18 assets is expected to fund the cash investment. After the completion of the merger, current W.P. Carey shareholders will own about 93% of the final company, while CPA:18 shareholders will have 7%.

The first reason W.P. Carey gave for the acquisition was improved adjusted funds from operations to make up for the loss of half the revenue from formerly managing CPA:18 properties. The company also plans to exit the investment management business, instead shifting its business strategy to focus on "stable and long-term real estate revenues" from a strong net-lease portfolio.