Click here to close now.




















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
As more intelligent IoT applications shift into gear, they’re merging into the ever-increasing traffic flow of the Internet. It won’t be long before we experience bottlenecks, as IoT traffic peaks during rush hours. Organizations that are unprepared will find themselves by the side of the road unable to cross back into the fast lane. As billions of new devices begin to communicate and exchange data – will your infrastructure be scalable enough to handle this new interconnected world?
eCube Systems has released NXTmonitor, a full featured application orchestration solution. NXTmonitor, which inherited the code base of NXTminder, has been extended to support multi-discipline processes and will act as a DevOps utility in a heterogeneous enterprise environment. Previously, NXTminder was packaged with NXTera middleware to configure and manage Entera and NXTera RPC servers. “Since we are widening the focus of this solution to DevOps, we felt the need to change the name to NXTmon...
Advances in technology and ubiquitous connectivity have made the utilization of a dispersed workforce more common. Whether that remote team is located across the street or country, management styles/ approaches will have to be adjusted to accommodate this new dynamic. In his session at 17th Cloud Expo, Sagi Brody, Chief Technology Officer at Webair Internet Development Inc., will focus on the challenges of managing remote teams, providing real-world examples that demonstrate what works and what...
17th Cloud Expo, taking place Nov 3-5, 2015, at the Santa Clara Convention Center in Santa Clara, CA, will feature technical sessions from a rock star conference faculty and the leading industry players in the world. Cloud computing is now being embraced by a majority of enterprises of all sizes. Yesterday's debate about public vs. private has transformed into the reality of hybrid cloud: a recent survey shows that 74% of enterprises have a hybrid cloud strategy. Meanwhile, 94% of enterprises ar...
SYS-CON Events announced today that the "Second Containers & Microservices Expo" will take place November 3-5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. Containers and microservices have become topics of intense interest throughout the cloud developer and enterprise IT communities.
Moving an existing on-premise infrastructure into the cloud can be a complex and daunting proposition. It is critical to understand the benefits as well as the challenges associated with either a full or hybrid approach. In his session at 17th Cloud Expo, Richard Weiss, Principal Consultant at Pythian, will present a roadmap that can be leveraged by any organization to plan, analyze, evaluate and execute on a cloud migration solution. He will review the five major cloud transformation phases a...
While many app developers are comfortable building apps for the smartphone, there is a whole new world out there. In his session at @ThingsExpo, Narayan Sainaney, Co-founder and CTO of Mojio, will discuss how the business case for connected car apps is growing and, with open platform companies having already done the heavy lifting, there really is no barrier to entry.
Amazon and Google have built software-defined data centers (SDDCs) that deliver massively scalable services with great efficiency. Yet, building SDDCs has proven to be a near impossibility for ‘normal’ companies without hyper-scale resources. In his session at 17th Cloud Expo, David Cauthron, founder and chief executive officer of Nimboxx, will discuss the evolution of virtualization (hardware, application, memory, storage) and how commodity / open source hyper converged infrastructure (HCI) so...
The Internet of Things is in the early stages of mainstream deployment but it promises to unlock value and rapidly transform how organizations manage, operationalize, and monetize their assets. IoT is a complex structure of hardware, sensors, applications, analytics and devices that need to be able to communicate geographically and across all functions. Once the data is collected from numerous endpoints, the challenge then becomes converting it into actionable insight.
SYS-CON Events announced today that G2G3 will exhibit at SYS-CON's @DevOpsSummit Silicon Valley, which will take place on November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. Based on a collective appreciation for user experience, design, and technology, G2G3 is uniquely qualified and motivated to redefine how organizations and people engage in an increasingly digital world.
Mobile, social, Big Data, and cloud have fundamentally changed the way we live. “Anytime, anywhere” access to data and information is no longer a luxury; it’s a requirement, in both our personal and professional lives. For IT organizations, this means pressure has never been greater to deliver meaningful services to the business and customers.
Manufacturing connected IoT versions of traditional products requires more than multiple deep technology skills. It also requires a shift in mindset, to realize that connected, sensor-enabled “things” act more like services than what we usually think of as products. In his session at @ThingsExpo, David Friedman, CEO and co-founder of Ayla Networks, will discuss how when sensors start generating detailed real-world data about products and how they’re being used, smart manufacturers can use the ...
Contrary to mainstream media attention, the multiple possibilities of how consumer IoT will transform our everyday lives aren’t the only angle of this headline-gaining trend. There’s a huge opportunity for “industrial IoT” and “Smart Cities” to impact the world in the same capacity – especially during critical situations. For example, a community water dam that needs to release water can leverage embedded critical communications logic to alert the appropriate individuals, on the right device, as...
With the Apple Watch making its way onto wrists all over the world, it’s only a matter of time before it becomes a staple in the workplace. In fact, Forrester reported that 68 percent of technology and business decision-makers characterize wearables as a top priority for 2015. Recognizing their business value early on, FinancialForce.com was the first to bring ERP to wearables, helping streamline communication across front and back office functions. In his session at @ThingsExpo, Kevin Roberts...
Akana has announced the availability of the new Akana Healthcare Solution. The API-driven solution helps healthcare organizations accelerate their transition to being secure, digitally interoperable businesses. It leverages the Health Level Seven International Fast Healthcare Interoperability Resources (HL7 FHIR) standard to enable broader business use of medical data. Akana developed the Healthcare Solution in response to healthcare businesses that want to increase electronic, multi-device acce...