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
Technology vendors and analysts are eager to paint a rosy picture of how wonderful IoT is and why your deployment will be great with the use of their products and services. While it is easy to showcase successful IoT solutions, identifying IoT systems that missed the mark or failed can often provide more in the way of key lessons learned. In his session at @ThingsExpo, Peter Vanderminden, Principal Industry Analyst for IoT & Digital Supply Chain to Flatiron Strategies, will focus on how IoT de...
Complete Internet of Things (IoT) embedded device security is not just about the device but involves the entire product’s identity, data and control integrity, and services traversing the cloud. A device can no longer be looked at as an island; it is a part of a system. In fact, given the cross-domain interactions enabled by IoT it could be a part of many systems. Also, depending on where the device is deployed, for example, in the office building versus a factory floor or oil field, security ha...
24Notion is full-service global creative digital marketing, technology and lifestyle agency that combines strategic ideas with customized tactical execution. With a broad understand of the art of traditional marketing, new media, communications and social influence, 24Notion uniquely understands how to connect your brand strategy with the right consumer. 24Notion ranked #12 on Corporate Social Responsibility - Book of List.
Businesses are struggling to manage the information flow and interactions between all of these new devices and things jumping on their network, and the apps and IT systems they control. The data businesses gather is only helpful if they can do something with it. In his session at @ThingsExpo, Chris Witeck, Principal Technology Strategist at Citrix, will discuss how different the impact of IoT will be for large businesses, expanding how IoT will allow large organizations to make their legacy ap...
Fact is, enterprises have significant legacy voice infrastructure that’s costly to replace with pure IP solutions. How can we bring this analog infrastructure into our shiny new cloud applications? There are proven methods to bind both legacy voice applications and traditional PSTN audio into cloud-based applications and services at a carrier scale. Some of the most successful implementations leverage WebRTC, WebSockets, SIP and other open source technologies. In his session at @ThingsExpo, Da...
DevOps at Cloud Expo – being held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA – announces that its Call for Papers is open. Born out of proven success in agile development, cloud computing, and process automation, DevOps is a macro trend you cannot afford to miss. From showcase success stories from early adopters and web-scale businesses, DevOps is expanding to organizations of all sizes, including the world's largest enterprises – and delivering real results. Am...
What happens when the different parts of a vehicle become smarter than the vehicle itself? As we move toward the era of smart everything, hundreds of entities in a vehicle that communicate with each other, the vehicle and external systems create a need for identity orchestration so that all entities work as a conglomerate. Much like an orchestra without a conductor, without the ability to secure, control, and connect the link between a vehicle’s head unit, devices, and systems and to manage the ...
For basic one-to-one voice or video calling solutions, WebRTC has proven to be a very powerful technology. Although WebRTC’s core functionality is to provide secure, real-time p2p media streaming, leveraging native platform features and server-side components brings up new communication capabilities for web and native mobile applications, allowing for advanced multi-user use cases such as video broadcasting, conferencing, and media recording.
What does it look like when you have access to cloud infrastructure and platform under the same roof? Let’s talk about the different layers of Technology as a Service: who cares, what runs where, and how does it all fit together. In his session at 18th Cloud Expo, Phil Jackson, Lead Technology Evangelist at SoftLayer, an IBM company, spoke about the picture being painted by IBM Cloud and how the tools being crafted can help fill the gaps in your IT infrastructure.
SYS-CON Events announced today that Niagara Networks will exhibit at the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Niagara Networks offers the highest port-density systems, and the most complete Next-Generation Network Visibility systems including Network Packet Brokers, Bypass Switches, and Network TAPs.
In this strange new world where more and more power is drawn from business technology, companies are effectively straddling two paths on the road to innovation and transformation into digital enterprises. The first path is the heritage trail – with “legacy” technology forming the background. Here, extant technologies are transformed by core IT teams to provide more API-driven approaches. Legacy systems can restrict companies that are transitioning into digital enterprises. To truly become a lea...
SYS-CON Events announced today that Interface Masters Technologies, a leader in Network Visibility and Uptime Solutions, will exhibit at the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Interface Masters Technologies is a leading vendor in the network monitoring and high speed networking markets. Based in the heart of Silicon Valley, Interface Masters' expertise lies in Gigabit, 10 Gigabit and 40 Gigabit Eth...
SYS-CON Events announced today that Sheng Liang to Keynote at SYS-CON's 19th Cloud Expo, which will take place on November 1-3, 2016 at the Santa Clara Convention Center in Santa Clara, California.
In his session at @ThingsExpo, Kausik Sridharabalan, founder and CTO of Pulzze Systems, Inc., will focus on key challenges in building an Internet of Things solution infrastructure. He will shed light on efficient ways of defining interactions within IoT solutions, leading to cost and time reduction. He will also introduce ways to handle data and how one can develop IoT solutions that are lean, flexible and configurable, thus making IoT infrastructure agile and scalable.
Much of the value of DevOps comes from a (renewed) focus on measurement, sharing, and continuous feedback loops. In increasingly complex DevOps workflows and environments, and especially in larger, regulated, or more crystallized organizations, these core concepts become even more critical. In his session at @DevOpsSummit at 18th Cloud Expo, Andi Mann, Chief Technology Advocate at Splunk, showed how, by focusing on 'metrics that matter,' you can provide objective, transparent, and meaningful f...