Excerpt from Reuters
W.P. Carey Inc (WPC.N) said on Monday it plans to buy commercial property owner Corporate Property Associates 17 – Global Inc in a $6 billion deal that could make it the No.2 U.S. net lease real estate investment trust by market value.
The combined company’s portfolio, spanning North America and Europe, will include both office properties and industrial facilities and boast clients such as The New York Times, Marriott International and German home improvement store chain Hellweg.
CPA 17 stockholders will receive 0.160 shares of W.P. Carey for each share held, equivalent to $10.72 per share based on the company’s Friday closing price.
The combined company will have a proforma enterprise value of $17.3 billion and a market capitalization of $11 billion, W.P. Carey said, behind Realty Income Corp (O.N) - the largest U.S. net lease REIT with $15 billion market value.
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