WP Carey Will Convert To REIT Following Merger

Law360, New York (February 21, 2012, 2:00 PM EST) -- W. P. Carey & Co. LLC, a publicly traded real estate firm, on Tuesday announced plans to convert to a real estate investment trust and merge with its listed, nontraded REIT affiliate, Corporate Property Associates 15 Inc.

The company will pay $1.25 in cash and 0.23 shares of W. P. Carey stock for each CPA 15 share at closing, which is expected during the third quarter. The deal values CPA 15, which buys commercial real estate and leases it back to tenants, at about $2.6 billion....
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