PropertyEU - November 13, 2007
Cramo, a major service provider to the construction industry in Northern Europe, is investigating the possible disposal of its real estate assets in its home country Finland in a sale-and-leaseback transaction during the first half of 2008. In a statement on Tuesday, Cramo said it has given the assignment to Catella Corporate Finance. Cramo will continue as tenant in most of the facilities if a sale is arranged. 'At this stage it is difficult to estimate the profit impact of the possible sale,' Cramo said.
Cramo specialises in construction equipment rental and the sale and leasing of modular space from 260 outlets in 10 countries spread across the Nordic region and Central and Eastern Europe. The equipment hire business has 62 depots in Finland, while its modular hire division operates one office, two factories and 3,500 modules and site huts.
The company is listed on the OMX Nordic Exchange Helsinki and realised a consolidated operating profit of EUR 68.6 mln on sales of EUR 402 mln in 2006.
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