W. P. Carey (WPC) announces $2.7 billion acquisition of CPA portfolio.
W. P. Carey Inc. (WPC) announced today that it has entered into an agreement to acquire Corporate Property Associates 18 (CPA:18), a managed fund, for total consideration of approximately $2.7 billion. The transaction is expected to close in the third quarter of 2022.
"This acquisition presents a unique and compelling opportunity to acquire assets we know extremely well that are aligned with our current portfolio, in a transaction that's immediately accretive to our Real Estate AFFO per share," said Jason Fox, W. P. Carey's Chief Executive Officer. "We expect this accretion to largely replace the income we generated from managing CPA:18 with higher-quality lease revenues — and we see the potential for additional upside. Furthermore, it will essentially conclude our exit from Investment Management, further simplifying our business and enhancing our scale."
W. P. Carey is an internally-managed net lease REIT that provides sale-leaseback and build-to-suit financing for companies in U.S. (63% of base rents) and International (37%) markets. As of December 31, 2021, the company's portfolio was comprised of over 1,300 properties and weighted toward industrial (26%), warehouse (24%), office (20%), retail (18%), and self-storage (5%) property types. WPC has a total market capitalization of approximately $22 billion and is included in the Russell 1000 and Russell Global indexes.
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"This acquisition presents a unique and compelling opportunity to acquire assets we know extremely well that are aligned with our current portfolio, in a transaction that's immediately accretive to our Real Estate AFFO per share," said Jason Fox, W. P. Carey's Chief Executive Officer. "We expect this accretion to largely replace the income we generated from managing CPA:18 with higher-quality lease revenues — and we see the potential for additional upside. Furthermore, it will essentially conclude our exit from Investment Management, further simplifying our business and enhancing our scale."
W. P. Carey is an internally-managed net lease REIT that provides sale-leaseback and build-to-suit financing for companies in U.S. (63% of base rents) and International (37%) markets. As of December 31, 2021, the company's portfolio was comprised of over 1,300 properties and weighted toward industrial (26%), warehouse (24%), office (20%), retail (18%), and self-storage (5%) property types. WPC has a total market capitalization of approximately $22 billion and is included in the Russell 1000 and Russell Global indexes.
02/28/2022