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.
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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.
W. P. Carey says the benefits of the merger include improved earnings quality, a simplified business better portfolio metrics and a stronger credit profile.
Finally, the transaction transformed W.P Carey into a pure-play net lease REIT, says CEO Jason Fox. “We've added a high-quality diversified portfolio at a favorable cap rate of approximately 7% and, having assembled and managed the assets on behalf of CPA:17, expect a seamless transition,” he says.
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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.
