STAVANGER, Norway—W.P. Carey Inc., a global netlease REIT specializing in corporate sale-leaseback, build-to-suitfinancing and the acquisition of single-tenant net leaseproperties, has acquired the headquarters of Total E&PNorge AS (Total Norway) in Stavanger, for approximately$114 million (NOK 716 million) after tax adjustments andtransaction costs. The seller was Norwegian real estate investmentcompany and developer, Norwegian Property ASA(NPRO).
Key facts:
· Strongcredit tenant: Total Norway is the wholly-owned Norwegianoperating subsidiary of French oil and gas supermajor Total SA. Thecompany is involved in the exploration and production of oil andgas on the Norwegian Continental Shelf and contributesapproximately 10% of Total Group's global oil and gas production.In 2013, Total Norway generated revenues of $7.5 billion (NOK 45billion) and net income of $1.1 billion (NOK 6.8 billion). Total SAis rated AA-/Stable (Standard & Poor's).
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David Phillips
David Phillips is a Chicago-based freelance writer and consultant with more than 20 years experience in business and community news. He also has extensive reporting experience in the food manufacturing industry for national trade publications.
