Cramo Group, the Finnish construction equipment company, has agreed to sell nine properties in Finland to funds owned by asset manager Aberdeen. The company said it will lease back the properties for an initial fixed term of 10 years. The assets include Cramo’s headquarters located in Vantaa.
Cramo Group, the Finnish construction equipment company, has agreed to sell nine properties in Finland to funds owned by asset manager Aberdeen. The company said it will lease back the properties for an initial fixed term of 10 years. The assets include Cramo’s headquarters located in Vantaa.
'The sale of the real estate properties in Finland follows Cramo's strategy on focusing on its core businesses. The transaction will release capital for the group's growth strategy in equipment rental and modular space, while at the same time release Cramo's balance sheet from non-core assets,' said Martti Ala-Härkönen, chief financial officer of the Cramo Group.
'There are development opportunities in several of the properties, which, if realised, will further support Cramo's core business. We will be able to serve Cramo comprehensively in its real estate related needs with the resources of Aberdeen's property management, its development unit and regional offices. Our target is to develop a long-term partnership with the Cramo Group,' added Jari Pouttu, asset manager of Aberdeen Property Fund Finland i Ky.
