STAVANGER, Norway—W. P. Carey Inc. says that CPA:17 – Global and CPA:18 – Global, two of its managed REITs, have jointly acquired the headquarters of Apply AS here for approximately $100 million (NOK 662 million).

"This transaction is in line with our investment strategy of acquiring high-quality, mission critical assets,” said Arvi Luoma, director of W. P. Carey. “It comes with a long-term commitment from Apply AS, one of the leading MMO service providers in the Norwegian market. In our view, the importance of the oil and gas industry to Norway, in conjunction with Apply's market position, further enhances the strength of the tenant's credit.”

Luoma also noted that this is the firm's third high profile transaction in Norway this year, following CPA:18 – Global's purchase of Siemens' new Norwegian headquarters in Oslo and W. P. Carey Inc.'s acquisition of French oil major Total's Norwegian headquarters in Stavanger.

Apply AS (Apply) is a Norwegian oil and gas industry topside engineering and services company and is majority owned by Køhlergruppen—the founding family of the predecessor to Apply, Sørco Group—and HitecVision, Europe's leading private equity firm dedicated to the oil & gas industry. With approximately 1,600 employees, Apply is one of the top three providers of Maintenance, Modification and Operations (MMO) services for the offshore sector on the Norwegian Continental Shelf, one of the world's largest proven oil reserves. In addition to its MMO business, Apply is a global leader in the production of al! uminum living quarters for offshore installations.

"We are delighted to complete this transaction with W. P. Carey, enabling us to release capital for other projects,” said Egil Stokka, senior partner of HitecVision. “W. P. Carey's financial strength, experience working with global private equity firms and their track record of delivery in the Norwegian market made them an ideal counter-party in this transaction."

Other Key Facts

• Long-term leased, high quality asset: The office is a highly energy efficient modern, class-A facility and was completed in January 2014 by Swedish construction company Skanska. The facility is subject to a triple net-lease with approximately 14 years remaining.

• Strategic location: Stavanger is considered the oil capital of Europe and the center for North Sea oil exploration. The office is located in Forus, the largest and one of the fastest growing submarkets in the Stavanger region.

• 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 $952 billion (NOK 6.3 trillion).