REIT WP Carey to Buy Corporate Property Associates 18 in $2.7 Billion Deal
February 28, 2022 | Rick Wilking | Reuters
Real estate investment trust WP Carey Inc (WPC.N) will buy Corporate Property Associates 18 Global Inc in a $2.7 billion cash-and-stock deal, the companies said on Monday.
WP Carey, which manages a portfolio of more than 1,000 properties in commercial real estate, said the deal would add Corporate Property Associates’ self-storage assets, and also mark its exit from investment management.
Mergers and acquisition activity in the REIT sector reached a record high in 2021 as cheap capital from low interest rates, a robust U.S. housing market, and economic recovery from the pandemic buoyed the share performance of the trusts.
