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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).

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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]

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