CPA:17 Suspends Share Redemption Program Ahead of Proposed Merger with W.P. Carey
Corporate Property Associates 17 – Global Inc., a publicly registered non-traded real estate investment trust sponsored by publicly traded REIT W.P. Carey Inc. (NYSE: WPC), has suspended its share redemption plan in light of the proposed merger between the two companies.
Corporate Property Associates 17 – Global Inc., a publicly registered non-traded real estate investment trust sponsored by publicly traded REIT W.P. Carey Inc. (NYSE: WPC), has suspended its share redemption plan in light of the proposed merger between the two companies.
On Monday, CPA:17 and W. P. Carey announced their intention to merge, in a stock-for-stock transaction valued at approximately $6 billion. If approved by stockholders, the transaction is expected to close around December 31, 2018.
The board of CPA:17 suspended the share redemption plan, effective immediately, except for special circumstances. Special circumstances can include the death or disability of a stockholder, provided that the latter was not preexisting when the stockholder invested in the REIT.
CPA:17’s offering was declared effective by the SEC in November 2007 and closed in January 2013 after raising nearly $3 billion in investor equity. The company’s multi-billion-dollar portfolio consists of 411 properties.
