WP Carey announced on Tuesday that two of its managed REITs have jointly acquired the headquarters of Apply, an engineering group for the oil and gas industry, in the Norwegian city of Stavanger for around NOK 662 mln (€80 mln).
WP Carey announced on Tuesday that two of its managed REITs have jointly acquired the headquarters of Apply, an engineering group for the oil and gas industry, in the Norwegian city of Stavanger for around NOK 662 mln (€80 mln).
The office is a Class-A facility which was completed in January 2014 by Swedish construction company Skanska. The facility is subject to a triple net-lease with approximately 14 years remaining.
The acquisition marks WP Carey's third transaction in Norway this year, following the purchase by the firm's CPA®:18 – Global fund of Siemens' new Norwegian headquarters in Oslo and the acquisition of French oil major Total's Norwegian headquarters in Stavanger for €85 mln.
'This transaction is in line with our investment strategy of acquiring high-quality, mission-critical assets,' commented Arvi Luoma, director of WP Carey. 'It comes with a long-term commitment from Apply, one of the leading MMO service providers in the Norwegian market.'
He added: '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.'