W. P. Carey Inc. Completes NOK 716 Million Acquisition of Total's Norwegian Headquarters

 W. P. Carey Inc. Completes NOK 716 Million Acquisition of Total's Norwegian
                                 Headquarters

  PR Newswire

  LONDON, Aug. 7, 2014

-- Net lease investment in French energy giant's Norwegian HQ adds to global
portfolio

LONDON, Aug. 7, 2014 /PRNewswire/ -- W. P. Carey Inc. (NYSE: WPC), a global
net lease REIT specializing in corporate sale-leaseback, build-to-suit
financing and the acquisition of single-tenant net lease properties, announced
today that it has acquired the headquarters of Total E&P Norge AS (Total
Norway) in Stavanger, Norway, for approximately NOK 716 million (€85 million)
after tax adjustments and transaction costs. The seller was Norwegian real
estate investment company and developer, Norwegian Property ASA (NPRO).

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Key facts:

  *Strong credit tenant: Total Norway is the wholly-owned Norwegian operating
    subsidiary of French oil and gas supermajor Total SA. The company is
    involved in the exploration and production of oil and gas on the Norwegian
    Continental Shelf and contributes approximately 10% of Total Group's
    global oil and gas production. In 2013, Total Norway generated revenues of
    NOK 45 billion (€5.4 billion) and net income of NOK 6.8 billion (€0.8
    billion). Total SA is rated AA-/Stable (Standard & Poor's).
  *Critical asset: Total Norway has been headquartered at this facility since
    its construction in 1975 and has completed several refurbishment
    initiatives and expansions of the property throughout the years. Total
    Norway has shown its ongoing commitment to the facility by signing a
    17-year lease extension upon completion of its most recent expansion in
    June 2014.
  *Strategic location: Stavanger is considered the oil capital of Europe and
    the centre for North Sea oil exploration. The facility is strategically
    located adjacent to the established Dusavik supply port, the first and one
    of only two supply ports in Stavanger catering to the North Sea oil
    fields.
  *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 NOK 6.3 trillion
    (€750 billion).

Quotes:

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 the purchase of CPA®:18 -- Global's
Siemens' new Norwegian headquarters in Oslo."

"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. The importance of the oil and gas industry to Norway, in
conjunction with Total SA's position as an oil supermajor and a highly rated
creditor, further enhances the strength of this addition to W. P. Carey's
global net lease portfolio. Additionally, we were pleased to be able to
provide liquidity to NPRO, enabling them to execute on other investment and
development opportunities."

Olav Line, Chief Executive Officer of NPRO, noted:

"We are delighted to complete this transaction with W. P. Carey. Asset
rotation is a key part of our strategy and the sale of this significant asset
provides us capital that we can redeploy in other opportunities. W. P. Carey's
financial strength, global expertise and their ability to work with us in
Norway as well as their recognition of the value of the long-term lease with
Total Norway made them an ideal counterparty in this transaction."

W. P. Carey Inc.

Please visit www.wpcarey.mediaroom.com for more information about W. P. Carey,
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This press release contains forward-looking statements within the meaning of
the Federal securities laws. The statements of Mr. Luoma are examples of
forward looking statements. A number of factors could cause W. P. Carey's
actual results, performance or achievement to differ materially from those
anticipated. Among those risks, trends and uncertainties are the general
economic climate; the supply of and demand for office and industrial
properties; interest rate levels; the availability of financing; and other
risks associated with the acquisition and ownership of properties, including
risks that the tenants will not pay rent, or that costs may be greater than
anticipated. For further information on factors that could impact W. P. Carey,
reference is made to its filings with the Securities and Exchange Commission.

W. P. Carey Inc. contacts:

EuropeDan de Belder/ Guy Scarborough/Tom Cahn+44-207-861-3232
ddebelder@bell-pottinger.com

US Guy Lawrence+1-212-308-3333 gblawrence@rosslawpr.com

Kristina McMenamin+1-212-492-8995 kmcmenamin@wpcarey.com

Website: http://www.wpcarey.com
 
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