W.P Carey Inc. said that they have agreed to acquire one of the companies that they manage as part of the expansion of its property holdings. W.P. Carey is a sponsor for non-listed real estate investment trusts (REIT) as well as a proprietor of single-tenant buildings.

W.P Carey Inc. said that that the acquisition was for Corporate Property Associates 16-Global Inc.'s stocks through a non-traded REIT which was valued at US$11.25 per share. CPA 16 has an estimated 217 million worth of outstanding shares at the end of the first quarter of the year. The deal was valued at US$2.4 billion. The purchase will increase WP Carey's ownership of real estate leased properties which are leased to single tenants.

"In addition to providing liquidity to CPA 16-Global investors, it will significantly increase W.P. Carey's asset base, with a portfolio that will further enhance our already broad diversification by tenant, property type and geography," W.P. Carey Chief Executive Officer Trevor Bond said in the statement.