W.P. Carey Converting to a Public REIT

Investment firm W.P. Carey & Co. LLC (NYSE:WPC) plans to convert into a publicly traded real estate investment trust (REIT) and, in doing so, will acquire its non-traded REIT affiliate, Corporate Property Associates 15 Inc.

The firm said it expects the change in structure will help increase its market share and improve access to capital. The transaction values CPA 15 at $2.6 billion, including the assumption of debt of $1.2 billion, as of Dec....