W.P. Carey Converts to a REIT and Agrees to Acquire CPA:15

February 29, 2012

On February 21, 2012, W.P. Carey & Co. LLC announced that its Board of Directors had approved its conversion to a real estate investment trust and, along with the Board of Directors of Corporate Property Associates 15 Incorporated, have approved a merger agreement, which remains subject to shareholder approval.


On February 21, 2012, investment firm W.P. Carey & Co. LLC announced that its Board of Directors had approved its conversion to a real estate investment trust.  The conversion remains subject to approval from W.P. Carey shareholders.  Additionally, W.P. Carey’s Board of Directors, along with the Board of Directors of its public, non-traded REIT affiliate, Corporate Property Associates 15 Incorporated, has approved a definitive merger agreement pursuant to which W.P. Carey will acquire CPA:15 immediately following the conversion.  Under the terms of the agreement, which remains subject to shareholder approvals, CPA:15 stockholders will receive $1.25 in cash and 0.2326 of a share of W.P. Carey common stock for each CPA:15 share at closing.  After the transaction, the new REIT will be named W.P. Carey Inc. (NYSE: WPC) and will continue to trade on the New York Stock Exchange.  The transactions are expected to close by the third quarter of 2012. 

To read the press release, please click here.


Categories

Investment Manager M&A, Transactions