Corporate Property Associates 18 – Global Evaluating Liquidity Alternatives
September 1, 2021 | James Sprow | Blue Vault
Corporate Property Associates 18-Global Incorporated reported today that its independent directors intend to begin the process of evaluating possible liquidity alternatives for the company’s shareholders, including an unsolicited preliminary proposal for a potential business combination transaction received from affiliates of the company’s external advisor. There can be no assurance as to the form or timing of any liquidity alternative or that any alternative may be pursued at all for the foreseeable future. The directors do not intend to discuss the evaluation process unless and until a particular alternative is selected.
Corporate Property Associates 18 – Global Incorporated (“CPA:18 – Global”), is a publicly owned, non-traded REIT, that invests primarily in a diversified portfolio of income-producing commercial real estate properties net leased to companies, both domestically and internationally. The REIT was formed in 2012 and is managed by W. P. Carey Inc. (“WPC”) through one of its subsidiaries.
As of June 30, 2021, the REIT’s net lease portfolio was comprised of full or partial ownership interests in 50 properties, substantially all of which were fully-occupied and triple-net leased to 65 tenants totaling 10.1 million square feet. The remainder of the portfolio was comprised of full or partial ownership interests in 65 self-storage properties, seven student housing development projects (six of which will become subject to net lease agreements upon their completion) and three student housing operating properties, totaling approximately 5.3 million square feet.
As of June 30, 2021, the REIT had assets totaling over $2.3 billion. The net asset value per share of its Class A shares was $8.91 as of March 31, 2021. Based upon the $10.00 issue price for Class A shares, the recent annualized distribution yield was 2.50%.
Source: SEC
