WP Carey buying Corporate Property for $4B

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Associated Press

Posted on July 26, 2013 at 8:00 AM

Updated Friday, Jul 26 at 8:02 AM

NEW YORK (AP) — Real estate investment trust W.P. Carey Inc. is buying Corporate Property Associates 16 - Global Inc. in an all-stock deal valued at about $4 billion.

The combined company will have a portfolio of more than 700 properties. W.P. Carey will still manage the Corporate Property Associates and Carey Watermark Investors series of REITs.

Corporate Property stockholders will receive no more than 0.1842 shares and no less than 0.1447 shares of W.P. Carey for each share they own.

Corporate Property's board approved the deal, which still needs approval from both companies' shareholders.

W.P. Carey, which is based in New York, has served as an adviser to Corporate Property.

Corporate Property may seek out alternative third-party proposals for a 30-day period through Aug. 24.

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