W. P. Carey (WPC) Announces Merger of Two Managed REITs

December 14, 2010 8:51 AM EST
W. P. Carey & Co. LLC (NYSE: WPC) announces a merger between two of the CPA REITs that they manage: CPA:14 and CPA:16 - Global.

The merger is part of a set of proposed transactions by which CPA:14 will liquidate.

Prior to the proposed merger, CPA:14 will sell joint venture interests in a total of six investments, valued at approximately $89.5 million plus the assumption of related debt, to the Company and CPA:17 - Global, which is also managed by the Company.

In connection with the transactions contemplated by the merger, the Company will receive approximately $52.5 million from CPA:14 in disposition fees and termination compensation. The Company has agreed to purchase shares of CPA:16 - Global if necessary to fulfill cash elections by CPA:14 stockholders. A joint proxy/registration statement relating to the merger will be filed with the SEC.

Closing is expected in H111.

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