US property investor and financier WP Carey has finalised the acquisition of energy company Total’s Norwegian headquarters in Stavanger for NOK 716 mln (€85.2 mln).
US property investor and financier WP Carey has finalised the acquisition of energy company Total’s Norwegian headquarters in Stavanger for NOK 716 mln (€85.2 mln).
The vendor was investor-developer Norwegian Property.
Total Norway has been headquartered at the facility since its construction in 1975 and has carried out several refurbishment initiatives and expansions of the property. The company signed a 17-year lease extension upon completion of the most recent expansion in June 2014.
The acquisition is WP Carey’s second in Norway this year, following the purchase in February of German electronics group Siemens' new Norwegian headquarters in Oslo for NOK 544 mln (€65 mln).
Following its entry into the Norwegian market, New York-listed WP Carey has a presence in 21 countries worldwide. In addition to its owned portfolio of diversified global real estate, the firm manages a series of non-traded REITs with assets under management of around $8.2 bn.
