W.P. Carey to become REIT October 1

As anticipated, the New York-based investment management firm W.P. Carey & Co. will become a real estate investment trust Oct. 1, Crain’s reported. W.P. Carey also announced that it has merged with non-traded real estate investment trust Corporate Property Associates 15, which they managed.

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The newly formed REIT will be traded on the New York Stock Exchange with “a market capitalization of roughly $5 billion, and a portfolio of more than 39 million square feet of commercial real estate around the world,” Crain’s said.

The plan to merge the company with Corporate Property and become a REIT was announed in February, but required approval from shareholders. [Crain’s] — Guelda Voien