The main rescue station of the region that is currently under construction will form part of the public sector portfolio in Nordisk Renting with currently over 30 customers in the Nordics. Public sector entities constitute a core segment, as they benefit from long-term partnerships for their strategic social infrastructure and community properties. Nordisk Renting considers that the public sector in Finland and especially the wellbeing services counties could benefit further from releasing capital through sale-and-leasebacks whilst retaining control through repurchase rights at pre-agreed prices.
The main rescue station is strategically located next to highway 5 and in the vicinity of both Savilahti campus area and the University hospital of Kuopio. The rescue station will house operations related to the prevention of accidents, rescue and first-aid services operating 24/7 as well as the Fire Museum. The City of Kuopio has signed a pre-agreement of the lease that has been transferred to the Wellbeing Services County of North Savo.
The Wellbeing Services County of North Savo is one of the 21 new wellbeing services counties that have been operating since January 1st 2023. It is responsible for the public healthcare, social welfare, and rescue services for 19 municipalities in the region.
”The new main rescue station of the region will provide functional premises that enable offering versatile services”, says Jukka Koponen, the Director General for Rescue Services of the Wellbeing Services County of North Savo.
“We are pleased to develop the relationship with the Wellbeing Services County of North Savo through this acquisition. The new lease agreement for the Kuopio rescue station is a great example of our core business. Nordisk Renting has been a long-term partner for the public sector for nearly 40 years now”, adds Caroline Bertlin, CEO of Nordisk Renting.
The project is progressing according to plan
The Neulamäki rescue station will be built by property developer WasaGroup Oy.
“We were selected to both develop and actualise the rescue station in spring 2022 for the best price-quality ratio. The project is implemented with Wasa360 service model and the construction works are progressing at a good pace with local contractors. The grand opening of the rescue station will take place in March 2024”, says Timo Pahkala, CEO of WasaGroup.
”We are extremely pleased that we found a reputable and financially sound partner to own the rescue station over the coming years”, Pahkala states.
Call options are often part of the arrangement
The majority of Nordisk Renting’s customers choose an agreement that includes a right to buy back the asset in the future. This allows the customer to repurchase the asset for a pre-agreed price before the lease agreement expires.
“Just like our private sector clients often wish to do, municipalities or Wellbeing Services Counties could also sell their properties to us with a right to repurchase at a future date. For some clients, this is a good solution because, although releasing capital, the control and future use of the property will not be in the hands of an external party. On the other hand, some clients see this financing solution as an opportunity to capture the value increase of the property”, says Caroline Bertlin, CEO of Nordisk Renting.
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