Welcome!

News Feed Item

W. P. Carey Inc. Completes NOK 716 Million Acquisition of Total's Norwegian Headquarters

-- Net lease investment in French energy giant's Norwegian HQ adds to global portfolio

LONDON, Aug. 7, 2014 /PRNewswire/ -- W. P. Carey Inc. (NYSE: WPC), a global net lease REIT specializing in corporate sale-leaseback, build-to-suit financing and the acquisition of single-tenant net lease properties, announced today that it has acquired the headquarters of Total E&P Norge AS (Total Norway) in Stavanger, Norway, for approximately NOK 716 million (€85 million) after tax adjustments and transaction costs. The seller was Norwegian real estate investment company and developer, Norwegian Property ASA (NPRO).

Logo - http://photos.prnewswire.com/prnh/20130604/NY25517LOGO-b

Photo - http://photos.prnewswire.com/prnh/20140805/133842

Key facts:

  • Strong credit tenant: Total Norway is the wholly-owned Norwegian operating subsidiary of French oil and gas supermajor Total SA. The company is involved in the exploration and production of oil and gas on the Norwegian Continental Shelf and contributes approximately 10% of Total Group's global oil and gas production. In 2013, Total Norway generated revenues of NOK 45 billion (€5.4 billion) and net income of NOK 6.8 billion (€0.8 billion). Total SA is rated AA-/Stable (Standard & Poor's).

  • Critical asset: Total Norway has been headquartered at this facility since its construction in 1975 and has completed several refurbishment initiatives and expansions of the property throughout the years. Total Norway has shown its ongoing commitment to the facility by signing a 17-year lease extension upon completion of its most recent expansion in June 2014.

  • Strategic location: Stavanger is considered the oil capital of Europe and the centre for North Sea oil exploration. The facility is strategically located adjacent to the established Dusavik supply port, the first and one of only two supply ports in Stavanger catering to the North Sea oil fields.

  • Strong market: An estimated 56% of Norway's oil and gas reserves remain on the Norwegian Continental Shelf; as such, the petroleum industry will be a core part of Norway's economy for the foreseeable future. Norway is rated Aaa (Moody's) and AAA (Standard & Poor's) and maintains one of the world's largest sovereign wealth funds totaling approximately NOK 6.3 trillion (€750 billion).

Quotes:

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

"The acquisition of Total Norway's headquarters marks our second high profile transaction in Norway this year, following the purchase of CPA®:18 -- Global's Siemens' new Norwegian headquarters in Oslo."

"In line with our investment strategy, we have acquired a mission critical asset with a long-term commitment from Total Norway, underscored by Total Norway's significant contribution to the Total Group's global oil and gas production. The importance of the oil and gas industry to Norway, in conjunction with Total SA's position as an oil supermajor and a highly rated creditor, further enhances the strength of this addition to W. P. Carey's global net lease portfolio. Additionally, we were pleased to be able to provide liquidity to NPRO, enabling them to execute on other investment and development opportunities."

Olav Line, Chief Executive Officer of NPRO, noted:

"We are delighted to complete this transaction with W. P. Carey. Asset rotation is a key part of our strategy and the sale of this significant asset provides us capital that we can redeploy in other opportunities. W. P. Carey's financial strength, global expertise and their ability to work with us in Norway as well as their recognition of the value of the long-term lease with Total Norway made them an ideal counterparty in this transaction."

W. P. Carey Inc.

Please visit www.wpcarey.mediaroom.com for more information about W. P. Carey, to access our image and video libraries and to follow us on social media.

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 W. P. Carey'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. For further information on factors that could impact W. P. Carey, reference is made to its 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
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...
While DevOps most critically and famously fosters collaboration, communication, and integration through cultural change, culture is more of an output than an input. In order to actively drive cultural evolution, organizations must make substantial organizational and process changes, and adopt new technologies, to encourage a DevOps culture. Moderated by Andi Mann, panelists discussed how to balance these three pillars of DevOps, where to focus attention (and resources), where organizations might...
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...
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 ...
As Cybric's Chief Technology Officer, Mike D. Kail is responsible for the strategic vision and technical direction of the platform. Prior to founding Cybric, Mike was Yahoo's CIO and SVP of Infrastructure, where he led the IT and Data Center functions for the company. He has more than 24 years of IT Operations experience with a focus on highly-scalable architectures.
The explosion of new web/cloud/IoT-based applications and the data they generate are transforming our world right before our eyes. In this rush to adopt these new technologies, organizations are often ignoring fundamental questions concerning who owns the data and failing to ask for permission to conduct invasive surveillance of their customers. Organizations that are not transparent about how their systems gather data telemetry without offering shared data ownership risk product rejection, regu...
CI/CD is conceptually straightforward, yet often technically intricate to implement since it requires time and opportunities to develop intimate understanding on not only DevOps processes and operations, but likely product integrations with multiple platforms. This session intends to bridge the gap by offering an intense learning experience while witnessing the processes and operations to build from zero to a simple, yet functional CI/CD pipeline integrated with Jenkins, Github, Docker and Azure...
René Bostic is the Technical VP of the IBM Cloud Unit in North America. Enjoying her career with IBM during the modern millennial technological era, she is an expert in cloud computing, DevOps and emerging cloud technologies such as Blockchain. Her strengths and core competencies include a proven record of accomplishments in consensus building at all levels to assess, plan, and implement enterprise and cloud computing solutions. René is a member of the Society of Women Engineers (SWE) and a m...
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.
Enterprises are striving to become digital businesses for differentiated innovation and customer-centricity. Traditionally, they focused on digitizing processes and paper workflow. To be a disruptor and compete against new players, they need to gain insight into business data and innovate at scale. Cloud and cognitive technologies can help them leverage hidden data in SAP/ERP systems to fuel their businesses to accelerate digital transformation success.
Containers and Kubernetes allow for code portability across on-premise VMs, bare metal, or multiple cloud provider environments. Yet, despite this portability promise, developers may include configuration and application definitions that constrain or even eliminate application portability. In this session we'll describe best practices for "configuration as code" in a Kubernetes environment. We will demonstrate how a properly constructed containerized app can be deployed to both Amazon and Azure ...
Poor data quality and analytics drive down business value. In fact, Gartner estimated that the average financial impact of poor data quality on organizations is $9.7 million per year. But bad data is much more than a cost center. By eroding trust in information, analytics and the business decisions based on these, it is a serious impediment to digital transformation.
Digital Transformation: Preparing Cloud & IoT Security for the Age of Artificial Intelligence. As automation and artificial intelligence (AI) power solution development and delivery, many businesses need to build backend cloud capabilities. Well-poised organizations, marketing smart devices with AI and BlockChain capabilities prepare to refine compliance and regulatory capabilities in 2018. Volumes of health, financial, technical and privacy data, along with tightening compliance requirements by...
Predicting the future has never been more challenging - not because of the lack of data but because of the flood of ungoverned and risk laden information. Microsoft states that 2.5 exabytes of data are created every day. Expectations and reliance on data are being pushed to the limits, as demands around hybrid options continue to grow.