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.
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David Phillips
David Phillips is a Chicago-based freelance writer and consultant with more than 20 years experience in business and community news. He also has extensive reporting experience in the food manufacturing industry for national trade publications.
