|By PR Newswire||
|August 7, 2014 02:00 AM EDT||
-- 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).
- 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).
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:
Dan de Belder/ Guy Scarborough/Tom Cahn
DevOps is being widely accepted (if not fully adopted) as essential in enterprise IT. But as Enterprise DevOps gains maturity, expands scope, and increases velocity, the need for data-driven decisions across teams becomes more acute. DevOps teams in any modern business must wrangle the ‘digital exhaust’ from the delivery toolchain, "pervasive" and "cognitive" computing, APIs and services, mobile devices and applications, the Internet of Things, and now even blockchain. In this power panel at @...
Oct. 23, 2016 09:45 PM EDT Reads: 1,853
Traditional on-premises data centers have long been the domain of modern data platforms like Apache Hadoop, meaning companies who build their business on public cloud were challenged to run Big Data processing and analytics at scale. But recent advancements in Hadoop performance, security, and most importantly cloud-native integrations, are giving organizations the ability to truly gain value from all their data. In his session at 19th Cloud Expo, David Tishgart, Director of Product Marketing ...
Oct. 23, 2016 09:30 PM EDT Reads: 2,432
November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Penta Security is a leading vendor for data security solutions, including its encryption solution, D’Amo. By using FPE technology, D’Amo allows for the implementation of encryption technology to sensitive data fields without modification to schema in the database environment. With businesses having their data become increasingly more complicated in their mission-critical applications (such as ERP, CRM, HRM), continued ...
Oct. 23, 2016 09:15 PM EDT Reads: 960
In past @ThingsExpo presentations, Joseph di Paolantonio has explored how various Internet of Things (IoT) and data management and analytics (DMA) solution spaces will come together as sensor analytics ecosystems. This year, in his session at @ThingsExpo, Joseph di Paolantonio from DataArchon, will be adding the numerous Transportation areas, from autonomous vehicles to “Uber for containers.” While IoT data in any one area of Transportation will have a huge impact in that area, combining sensor...
Oct. 23, 2016 09:00 PM EDT Reads: 722
Explosive growth in connected devices. Enormous amounts of data for collection and analysis. Critical use of data for split-second decision making and actionable information. All three are factors in making the Internet of Things a reality. Yet, any one factor would have an IT organization pondering its infrastructure strategy. How should your organization enhance its IT framework to enable an Internet of Things implementation? In his session at @ThingsExpo, James Kirkland, Red Hat's Chief Arch...
Oct. 23, 2016 09:00 PM EDT Reads: 5,987
In his session at @DevOpsSummit at 19th Cloud Expo, Robert Doyle, lead architect at eCube Systems, will examine the issues and need for an agile infrastructure and show the advantages of capturing developer knowledge in an exportable file for migration into production. He will introduce the use of NXTmonitor, a next-generation DevOps tool that captures application environments, dependencies and start/stop procedures in a portable configuration file with an easy-to-use GUI. In addition to captu...
Oct. 23, 2016 09:00 PM EDT Reads: 1,510
Successful digital transformation requires new organizational competencies and capabilities. Research tells us that the biggest impediment to successful transformation is human; consequently, the biggest enabler is a properly skilled and empowered workforce. In the digital age, new individual and collective competencies are required. In his session at 19th Cloud Expo, Bob Newhouse, CEO and founder of Agilitiv, will draw together recent research and lessons learned from emerging and established ...
Oct. 23, 2016 09:00 PM EDT Reads: 1,245
SYS-CON Events announced today that Enzu 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. Enzu’s mission is to be the leading provider of enterprise cloud solutions worldwide. Enzu enables online businesses to use its IT infrastructure to their competitive advantage. By offering a suite of proven hosting and management services, Enzu wants companies to focus on the core of their online busine...
Oct. 23, 2016 08:45 PM EDT Reads: 1,284
Why do your mobile transformations need to happen today? Mobile is the strategy that enterprise transformation centers on to drive customer engagement. In his general session at @ThingsExpo, Roger Woods, Director, Mobile Product & Strategy – Adobe Marketing Cloud, covered key IoT and mobile trends that are forcing mobile transformation, key components of a solid mobile strategy and explored how brands are effectively driving mobile change throughout the enterprise.
Oct. 23, 2016 08:30 PM EDT Reads: 1,702
SYS-CON Events announced today that Cloudbric, a leading website security provider, 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. Cloudbric is an elite full service website protection solution specifically designed for IT novices, entrepreneurs, and small and medium businesses. First launched in 2015, Cloudbric is based on the enterprise level Web Application Firewall by Penta Security Sys...
Oct. 23, 2016 08:30 PM EDT Reads: 1,101
@DevOpsSummit has been named the ‘Top DevOps Influencer' by iTrend. iTrend processes millions of conversations, tweets, interactions, news articles, press releases, blog posts - and extract meaning form them and analyzes mobile and desktop software platforms used to communicate, various metadata (such as geo location), and automation tools. In overall placement, @DevOpsSummit ranked as the number one ‘DevOps Influencer' followed by @CloudExpo at third, and @MicroservicesE at 24th.
Oct. 23, 2016 08:00 PM EDT Reads: 3,964
SYS-CON Events announced today that Roundee / LinearHub will exhibit at the WebRTC Summit at @ThingsExpo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. LinearHub provides Roundee Service, a smart platform for enterprise video conferencing with enhanced features such as automatic recording and transcription service. Slack users can integrate Roundee to their team via Slack’s App Directory, and '/roundee' command lets your video conference ...
Oct. 23, 2016 07:30 PM EDT Reads: 2,067
The best way to leverage your Cloud Expo presence as a sponsor and exhibitor is to plan your news announcements around our events. The press covering Cloud Expo and @ThingsExpo will have access to these releases and will amplify your news announcements. More than two dozen Cloud companies either set deals at our shows or have announced their mergers and acquisitions at Cloud Expo. Product announcements during our show provide your company with the most reach through our targeted audiences.
Oct. 23, 2016 07:00 PM EDT Reads: 4,555
Established in 1998, Calsoft is a leading software product engineering Services Company specializing in Storage, Networking, Virtualization and Cloud business verticals. Calsoft provides End-to-End Product Development, Quality Assurance Sustenance, Solution Engineering and Professional Services expertise to assist customers in achieving their product development and business goals. The company's deep domain knowledge of Storage, Virtualization, Networking and Cloud verticals helps in delivering ...
Oct. 23, 2016 06:45 PM EDT Reads: 1,009
More and more brands have jumped on the IoT bandwagon. We have an excess of wearables – activity trackers, smartwatches, smart glasses and sneakers, and more that track seemingly endless datapoints. However, most consumers have no idea what “IoT” means. Creating more wearables that track data shouldn't be the aim of brands; delivering meaningful, tangible relevance to their users should be. We're in a period in which the IoT pendulum is still swinging. Initially, it swung toward "smart for smar...
Oct. 23, 2016 05:30 PM EDT Reads: 840