W. P. Carey announced it will merge with its publicly-held, non-traded real estate investment trust affiliate, Corporate Property Associates 16 – Global Incorporated.

The transaction is valued at approximately $4.0 billion and subject to approval by stockholders.

Following the merger, the combined company is expected to have an equity market capitalization of approximately $6.5 billion and a total enterprise value of approximately $10.1 billion, according to a release.

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. 

W. P. Carey will continue to manage the Corporate Property Associates and Carey Watermark Investors series of publicly-held, non-traded REITs.

CPA:16 – Global stockholders will receive shares of W. P. Carey common stock for their shares of CPA:16 – Global stock pursuant to an exchange ratio based upon a value of $11.25 per share.