W.P. Carey, CPA:17 To Merge In $6B Deal

W.P. Carey CEO Jason Fox says the deal will allow it to focus on net lease investing.

NEW YORK CITY–Net lease REIT W.P. Carey and Corporate Property Associates 17 – Global Incorporated (CPA:17 – Global) announced they have entered into a definitive merger agreement. The deal between the two related parties — W.P. Carey is CPA:17’s advisor — is valued at $6 billion and has been approved by a special committee of CPA:17 – Global’s independent directors.

The merger is expected to close in the fourth quarter of 2018, subject to the approval of stockholders. W. P. Carey is the second largest net lease REIT and, after the close of the transaction, will be one of the largest REITs — placing in the top 25 in MSCI US REIT Index — with pro forma enterprise value of $17.3 billion.