DLA Piper has represented WP Carey, a publicly traded real-estate investment trust (REIT), in a merger with CPA:16, its publicly held non-traded REIT affiliate, in a transaction valued at approximately $4bn (£2.6bn).
WP Carey provides long-term sale-leaseback and build-to-suit financing for companies worldwide and owns and manages an investment portfolio totalling approximately $15.2bn.
Following the merger, which is expected to close in the first quarter of next year, the combined company is expected to have an equity market capitalisation of approximately $6.5bn and a total enterprise value of approximately $10.1bn.
The combined portfolio will consist of more than 700 properties with 86 million square feet of corporate real-estate leased to 231 companies around the world.
The DLA Piper team was led by New York partner Christopher Giordano, who also played a significant role in arranging WP Carey’s reorganisation into a REIT in October 2012, and included Robert LeDuc, Sanjay Shirodkar and Jon Venick.