Shareholders of Corporate Property Associates 10 Inc. and Carey Institutional Properties Inc., two publicly held non-traded trusts, approved the merger of the two companies. CIP will be the surviving company and will retain its board and officers. The combined portfolio consists of 108 properties in the US and Europe.
"Our shareholders have spoken with more than 96 percent of those voting approving this merger," says W.P. Carey chairman Wm. Polk Carey. "This is great news for investors of both REITs as the new company will be financially stronger with a more diversified real estate portfolio."
CIP invests in single-tenant commercial properties that are typically purchased under a long-term, triple-net lease in which the tenant is responsible for maintaining the premises, insuring the buildings and paying real estate taxes.
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