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Ramirent sell and leaseback depots

Ramirent AB, the Swedish affiliate of Finnish based Ramirent plc, one of Europe’s top five rental companies, has agreed a sale and leaseback deal on 18 of its Swedish locations.

The buyer is Kungsleden AB, a property company, which has agreed to pay a total price of SEK 186(£13.5) million. The book value of the real estate is SEK 110(£8) million, although non-recurring costs related to the deal are expected to total approximately SEK 25(£1.8) million. Giving Rami a gain of 51(£3.7) million SEK.

Ramirent will continue as the leaseholder on an operating lease basis for each of the properties. The duration of the lease agreements ranges from two to 10 years.

The deal will be closed in January 2006.