4 March 2022
Clifford Chance advising CPA®:18 – Global on proposed US$2.7 billion merger with W. P. Carey
New York: Leading international law firm Clifford Chance is advising Corporate Property Associates 18 Incorporated (CPA:18 – Global) on its proposed US$2.7 billion merger with W. P. Carey Inc. (NYSE: WPC).
CPA:18 – Global is a publicly owned, non-traded real estate investment trust (REIT) company that invests in a diversified portfolio of commercial properties leased to companies domestically and internationally. W. P. Carey is one of the largest net lease REITs, specializing in sale-leasebacks, build-to-suits and the acquisition of existing net leases. The proposed transaction will provide for a combination of complementary real estate portfolios.
Under the terms of the definitive agreement, CPA:18 – Global stockholders will be entitled to receive shares of W. P. Carey common stock plus cash, subject to certain adjustments, for each share of CPA:18 – Global common stock that they own. Closing is subject to CPA:18 – Global stockholder approval, among other customary conditions to closing.
Partner Kathleen Werner leads a cross practice team on the transaction, including associate Christine Kim and law clerk Dan Meagher on M&A matters, and partner Mike Seaton and counsel Rebecca Pereira on tax matters.
This transaction continues the firm's work on landmark matters in this space, including a merger to form the US$4.6 billion Watermark Lodging Trust in 2020 and Ready Capital Corporation's strategic acquisition of affordable housing finance company Red Stone in 2021.