NEW YORK CITY-W.P. Carey & Co. said Tuesday that two of thenon-traded REITs it manages will merge. The CPA:14 non-traded REIT,with real estate assets of $1.94 billion as of Sept. 30, willcombined with CPA:16 Global, part of a series of transactions bywhich CPA:14 will liquidate, subject to shareholder approval.
Additionally, CPA:14 will sell joint venture interests in atotal of six investments, valued at approximately $89.5 millionplus the assumption of related debt, to W.P. Carey and CPA:17 Global, also managed by W.P. Carey. CPA:14 opened in 1997 andclosed in 2001. In an SEC filing Tuesday, W.P. Carey said themerger was deemed to be in the best interests of CPA:14’sstockholders, who will receive total consideration valued at $11.50per share. Currently, W.P. Carey owns about $92 million in CPA:14shares and $61 million in CPA:16 shares.
Following the merger, CPA:16, which opened in 2003 and closed in2006, will reorganize as an UPREIT, according to an investorpresentation. In common with CPA:14, it pursues sale-leasebackdeals with major companies. The merger with CPA:14 will increaseCPA:16’s net lease asset base to $4 billion worldwide, comprised ofa net-lease portfolio of 151 tenants and 566 properties.
Continue Reading for Free
Register and gain access to:
- 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
*May exclude premium content
Already have an account?
Sign In Now
© 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.