Welcome!

News Feed Item

W. P. Carey Announces NOK 544 Million (euro 66 Million) Acquisition of Siemens Headquarters in Oslo, Norway

-- First acquisition in Norway expands global presence to 21 countries

LONDON, Feb. 28, 2014 /PRNewswire/ -- W. P. Carey Inc. (NYSE: WPC), a global real estate investment trust ("REIT") specializing in corporate sale-leaseback and build-to-suit financing and the acquisition of single-tenant net-lease properties, announced today that CPA®:18 – Global, one of its publicly held non-traded REIT affiliates, has acquired the new headquarters of Siemens AS in Oslo, Norway from the developer of the facility, Oslo Business Park AS.

(Photo: http://photos.prnewswire.com/prnh/20140228/NY73557 )
(Logo: http://photos.prnewswire.com/prnh/20130604/NY25517LOGO-b )

Siemens AS is the wholly-owned Norwegian operating subsidiary of German engineering and electronics conglomerate Siemens AG, rated A+/Aa3 by S&P/Moody's. In its fiscal year 2013, Siemens AG generated revenues of €76 billion and employed approximately 362,000 people worldwide.

Key facts:

  • Critical office asset: Siemens AS has been headquartered at this location in Oslo for more than 40 years and completed construction on its new building in December 2013.
  • Green building: The new 166,000 square foot headquarters facility is currently the most energy efficient office building in Norway with a LEED Gold (Energy A) rating.
  • Rapidly growing commercial location: Located in the new Oslo Business Park ("OBP"), the Siemens AS headquarters forms part of a growing office and commercial submarket in Oslo. Upon completion, OBP will be a 1.1 million square foot, nine-building office park that benefits from excellent transport connections.
  • Strong credit: Siemens AS operates across several business lines, with a key focus in Norway on energy and related sectors. The company generates approximately 60% of its revenues from the energy sector and has the leading market share in wind energy and the healthcare sector.
  • Lease term: Approximately 12-year existing lease with two 10-year renewal options.
  • Purchase price: Approximately NOK 544 million (€66 million).

Quotes:

Arvi Luoma, Director of W. P. Carey, commented:

"The acquisition of Siemen's Norwegian headquarters is well-aligned with our strategy of acquiring high quality, critical assets with strong covenants in key commercial locations. As one of the largest engineering companies in the world and active in 190 countries, Siemens is a strong credit with a long-term sustainable future."

"In addition, we are delighted that this first acquisition in Norway expands our presence to 21 countries. Norway's strong AAA/Stable S&P rating, combined with Oslo's status as the fastest growing capital city in Europe, makes it an attractive long-term investment location. As Norway maintains an independent currency and its economy is largely uncorrelated with those of its neighbors, this transaction provides additional diversification to CPA®:18 – Global's portfolio."

Lars Windfeldt of Oslo Business Park commented:

"The sale to CPA®:18 – Global allowed us to efficiently access the value embedded in the facility we developed for Siemens. As an established investor in long-term, net-leased single tenant properties, W. P. Carey was ideally suited to structure a mutually attractive transaction and close on a timely basis."

Per Otto Dyb, CEO of Siemens AS commented:

"Together with Oslo Business Park we have developed a building for the future, showcasing energy efficient and sustainable Siemens technology. We are proud of the result, which we believe will be beneficial to the new owners as well."

Arctic Securities ASA advised CPA®:18 – Global on the acquisition and provided long-term bond financing for the investment.

W. P. Carey Inc.

W. P. Carey Inc. is a global net-lease REIT (NYSE: WPC) that provides long-term sale-leaseback and build-to-suit financing for companies worldwide and owns and manages an investment portfolio totaling over $15 billion. Active in Europe since 1998, European assets comprise approximately €2.9 billion ($3.9 billion) of its owned and managed global portfolio. WPC's corporate finance-focused credit and real estate underwriting process is a constant that has been successfully leveraged across a wide variety of industries and property types. Its portfolio of long-term leases with creditworthy tenants has an established history of generating stable cash flows that have enabled WPC to deliver consistent and rising dividend income to investors for over four decades. www.wpcarey.com

This press release contains forward-looking statements within the meaning of the Federal securities laws. The statements of Mr. Luoma are examples of forward looking statements. A number of factors could cause CPA®:18 – Global's actual results, performance or achievement to differ materially from those anticipated. Among those risks, trends and uncertainties are the general economic climate; the supply of and demand for office and industrial properties; interest rate levels; the availability of financing; and other risks associated with the acquisition and ownership of properties, including risks that the tenants will not pay rent, or that costs may be greater than anticipated; and risks related to CPA®:18 – Global's offering of shares. For further information on factors that could impact CPA®:18 – Global, reference is made to CPA®:18 – Global's respective filings with the Securities and Exchange Commission.

W. P. Carey Inc. contacts:

Europe
Dan de Belder/ Guy Scarborough/Tom Cahn
+44-207-861-3232
[email protected]

US
Guy Lawrence
+1-212-308-3333
[email protected]

Kristina McMenamin
+1-212-492-8995
[email protected]

More Stories By PR Newswire

Copyright © 2007 PR Newswire. All rights reserved. Republication or redistribution of PRNewswire content is expressly prohibited without the prior written consent of PRNewswire. PRNewswire shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.

Latest Stories
The deluge of IoT sensor data collected from connected devices and the powerful AI required to make that data actionable are giving rise to a hybrid ecosystem in which cloud, on-prem and edge processes become interweaved. Attendees will learn how emerging composable infrastructure solutions deliver the adaptive architecture needed to manage this new data reality. Machine learning algorithms can better anticipate data storms and automate resources to support surges, including fully scalable GPU-c...
Wooed by the promise of faster innovation, lower TCO, and greater agility, businesses of every shape and size have embraced the cloud at every layer of the IT stack – from apps to file sharing to infrastructure. The typical organization currently uses more than a dozen sanctioned cloud apps and will shift more than half of all workloads to the cloud by 2018. Such cloud investments have delivered measurable benefits. But they’ve also resulted in some unintended side-effects: complexity and risk. ...
Machine learning provides predictive models which a business can apply in countless ways to better understand its customers and operations. Since machine learning was first developed with flat, tabular data in mind, it is still not widely understood: when does it make sense to use graph databases and machine learning in combination? This talk tackles the question from two ends: classifying predictive analytics methods and assessing graph database attributes. It also examines the ongoing lifecycl...
With more than 30 Kubernetes solutions in the marketplace, it's tempting to think Kubernetes and the vendor ecosystem has solved the problem of operationalizing containers at scale or of automatically managing the elasticity of the underlying infrastructure that these solutions need to be truly scalable. Far from it. There are at least six major pain points that companies experience when they try to deploy and run Kubernetes in their complex environments. In this presentation, the speaker will d...
When applications are hosted on servers, they produce immense quantities of logging data. Quality engineers should verify that apps are producing log data that is existent, correct, consumable, and complete. Otherwise, apps in production are not easily monitored, have issues that are difficult to detect, and cannot be corrected quickly. Tom Chavez presents the four steps that quality engineers should include in every test plan for apps that produce log output or other machine data. Learn the ste...
Dhiraj Sehgal works in Delphix's product and solution organization. His focus has been DevOps, DataOps, private cloud and datacenters customers, technologies and products. He has wealth of experience in cloud focused and virtualized technologies ranging from compute, networking to storage. He has spoken at Cloud Expo for last 3 years now in New York and Santa Clara.
"Peak 10 is a hybrid infrastructure provider across the nation. We are in the thick of things when it comes to hybrid IT," explained , Chief Technology Officer at Peak 10, in this SYS-CON.tv interview at 20th Cloud Expo, held June 6-8, 2017, at the Javits Center in New York City, NY.
We are seeing a major migration of enterprises applications to the cloud. As cloud and business use of real time applications accelerate, legacy networks are no longer able to architecturally support cloud adoption and deliver the performance and security required by highly distributed enterprises. These outdated solutions have become more costly and complicated to implement, install, manage, and maintain.SD-WAN offers unlimited capabilities for accessing the benefits of the cloud and Internet. ...
Dion Hinchcliffe is an internationally recognized digital expert, bestselling book author, frequent keynote speaker, analyst, futurist, and transformation expert based in Washington, DC. He is currently Chief Strategy Officer at the industry-leading digital strategy and online community solutions firm, 7Summits.
As IoT continues to increase momentum, so does the associated risk. Secure Device Lifecycle Management (DLM) is ranked as one of the most important technology areas of IoT. Driving this trend is the realization that secure support for IoT devices provides companies the ability to deliver high-quality, reliable, secure offerings faster, create new revenue streams, and reduce support costs, all while building a competitive advantage in their markets. In this session, we will use customer use cases...
Daniel Jones is CTO of EngineerBetter, helping enterprises deliver value faster. Previously he was an IT consultant, indie video games developer, head of web development in the finance sector, and an award-winning martial artist. Continuous Delivery makes it possible to exploit findings of cognitive psychology and neuroscience to increase the productivity and happiness of our teams.
When building large, cloud-based applications that operate at a high scale, it's important to maintain a high availability and resilience to failures. In order to do that, you must be tolerant of failures, even in light of failures in other areas of your application. "Fly two mistakes high" is an old adage in the radio control airplane hobby. It means, fly high enough so that if you make a mistake, you can continue flying with room to still make mistakes. In his session at 18th Cloud Expo, Le...
Machine learning has taken residence at our cities' cores and now we can finally have "smart cities." Cities are a collection of buildings made to provide the structure and safety necessary for people to function, create and survive. Buildings are a pool of ever-changing performance data from large automated systems such as heating and cooling to the people that live and work within them. Through machine learning, buildings can optimize performance, reduce costs, and improve occupant comfort by ...
DevOps tends to focus on the relationship between Dev and Ops, putting an emphasis on the ops and application infrastructure. But that’s changing with microservices architectures. In her session at DevOps Summit, Lori MacVittie, Evangelist for F5 Networks, will focus on how microservices are changing the underlying architectures needed to scale, secure and deliver applications based on highly distributed (micro) services and why that means an expansion into “the network” for DevOps.
Is it possible to migrate 100% of your data ecosystem to the cloud? Join Joe Caserta as he takes you on a complete journey to digital transformation mapping out on-prem data footprint and walking it to the cloud. Joe will also explain how the modern ecosystem supports Artificial Intelligence and will include business use cases to back each of his insights.