W. P. Carey has acquired the headquarters of Total E&P Norge AS (Total Norway) in Stavanger, Norway, for approximately NOK 716 million (€85m) after tax adjustments and transaction costs. The seller was Norwegian real estate investment company and developer, Norwegian Property ASA (NPRO). Total Norway has used the building as its headquarters since its construction in 1975 and has completed several refurbishments and expansions of the property since then. It signed a 17-year lease for the building in June 2014. Stavanger is seen by many as the oil capital of of Europe and is a hub for North Sea oil exploration.
