W.P. Carey, a global net-lease firm and sponsor to non-traded REITs, announced today that it has acquired the headquarters of Total E&P Norge AS (Total Norway) in Stavanger, Norway. The property was sold by Norwegian real estate investment company and developer, Norwegian Property ASA (NPRO) for approximately $114 million after tax adjustments and transaction costs.
As the wholly-owned Norwegian operating subsidiary of French oil and gas supermajor Total SA, Total Norway contributes approximately 10% of Total Group’s global oil and gas production. Last year, Total Norway generated revenues of $7.5 billion and net income of $1.1 billion.
Total Norway is involved in the exploration and production of oil and gas on the Norwegian Continental Shelf. The facility is strategically located in what is considered the oil capital of Europe and the center for North Sea oil explorations.
The facility was built in 1975 and has undergone multiple refurbishments and expansions throughout the years. Total Norway has been headquartered there since the building’s construction.
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 CPA®:18—Global’s purchase of Siemens’ new Norwegian headquarters in Oslo.”
Luoma continued, “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. Additionally, we were pleased to be able to provide liquidity to NPRO, enabling them to execute on other investment and development opportunities.”