NEW YORK CITY-Former W.P. Carey CEO Gordon DuGan and US investment head Benjamin Harris have teamed up with American Realty Capital’s Nicholas Schorsch and William Kahane to compete on W.P. Carey’s turf. They’ve formed Corporate Income Properties ARC Inc. a joint venture that will focus on corporate sale-leasebacks in the US and Europe.

A W.P. Carey spokesman referred to a comment from CEO Trevor Bond appearing in the Wall Street Journal. “Our success is based on the strength of a whole organization and not just one or two people,” Bond told the WSJ. “We have a process based on 37 years of accumulated institutional expertise. No one has replicated our success in the net-lease sector.” DuGan left W.P. Carey in July over disagreements with chairman William P. Carey about long-term investment direction.

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