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).

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Key facts:

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· 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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· Critical asset: Total Norway has beenheadquartered at this facility since its construction in 1975 andhas completed several refurbishment initiatives and expansions ofthe property throughout the years. Total Norway has shown itsongoing commitment to the facility by signing a 17-year leaseextension upon completion of its most recent expansion in June2014.

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· Strategic location: Stavanger is considered theoil capital of Europe and the center for North Sea oil exploration.The facility is strategically located adjacent to the establishedDusavik supply port, the first and one of only two supplyports in Stavanger catering to the North Sea oilfields.

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· Strongmarket: An estimated 56% of Norway's oil and gasreserves remain on the Norwegian Continental Shelf; as such, thepetroleum industry will be a core part of Norway's economy for theforeseeable future. Norway is rated Aaa (Moody's) and AAA (Standard& Poor's) and maintains one of the world's largest sovereignwealth funds totaling approximately $1 trillion (NOK 6.3trillion).

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"The acquisition of Total Norway's headquarters marks our secondhigh profile transaction in Norway this year, following CPA:18-- Global's purchase of Siemens' newNorwegian headquarters in Oslo," said ArviLuoma, director of W. P. Carey. "In line with ourinvestment strategy, we have acquired a mission critical asset witha long-term commitment from Total Norway, underscored by TotalNorway's significant contribution to the Total Group'sglobal oil and gas production. The importance ofthe oil and gas industry to Norway, in conjunction with Total SA'sposition as an oil supermajor and a highly rated creditor, furtherenhances the strength of this addition to W. P. Carey's global netlease portfolio. Additionally, we were pleased to be able toprovide liquidity to NPRO, enabling them to execute on otherinvestment and development opportunities."

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Olav Line, CEO of NPRO, added: "We aredelighted to complete this transaction with W. P. Carey. Asset rotation is a key part of our strategy and the sale of thissignificant asset provides us capital that we can redeploy in otheropportunities. W. P. Carey's financial strength, globalexpertise and their ability to work with us in Norway as well astheir recognition of the value of the long-term lease with TotalNorway made them an ideal counterparty in this transaction."

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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.