Finnish energy-giant to sell its Singapore properties

The marine and energy company Wartsila from Finland is selling five industrial properties in Singapore as a part of a global asset-light exercise.

The properties at 11 Pandan Crescent and 14 Benoi Crescent will be sale-and-leaseback deals while the three remaining properties at 43, 45 and 47 Gul Drive will be outright sold.

The facilities at 11 Pandan Crescent and 14 Benoi Crescent are currently Wartsila’s base of operation. After the lease has been completed Wartsila plans to work with the buyer on upgrading the facilities and maximise their plot-ratios.

Wartsila Singapore employs more than 1,000 people and globally and their net-worth was valued at around USD 7,5 billion last year – 97,8 percent of which comes from departments outside of Finland.

Source: Business Times

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