W.P. Carey to seek $1bn in new capital

Real estate company W.P. Carey is planning to raise $1bn in new capital, of which it plans to spend $500m in Europe, says its president Edward LaPuma in a Reuters report.

“I’d like to do $1 billion but we’re doing a lot of all-equity deals at the moment and that really puts a ceiling on things,” he said, adding the firm has about $600 million of cash on deposit.

He said the idea is to take advantage of what he believes will be a $10bn wave of corporate disposals of property in Europe, as normal funding conduits dry up. “We are seeing more deals than I have seen in the last 15 years. Companies are really being forced to consider financing alternatives.”

W.P. Carey has been linked to an ongoing deal in Hungary, though this is unconfirmed.

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