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| Tall order for the SHM ABL team |
The SHM ABL valuation team hit new heights when it was asked to inspect a sample of more than 30 cranes across Europe by GE Equipment Finance (“GE”).
The cranes, on hire from GE’s client, Arcomet, were located on various sites in six European countries; the UK, Belgium, Netherlands, Germany, Italy and France.
SHM’s job was to assess the condition of the cranes and confirm that values assigned to them were realistic and in line with current market trends, which as is well documented, have seen a significant decline.
Because of the recent woes suffered by the construction industry across the continent, large numbers of tower cranes are currently redundant which has a clear impact on their value.
This particular assignment was a largescale valuation in every sense with more than 30 cranes on a mix of sites across Europe. Each one has to be checked out in person to ensure the accuracy of the valuations and the information held on each one.
SHM are well versed in inspections and valuations of this nature. The biggest challenge was a logistical one as the assets were on so many different sites in so many countries. SHM covered sites from Sussex to Sardinia.
However complex the project, when organisations are looking for information in order to make key decisions - on funding, business acquisition or disposal - they turn to us because we can provide the sort of accurate inspection and valuation information they require in a timely fashion.
Inspection of cranes on UK sites has been successfully completed, but with much of Europe only just open after annual holidays, the job continues. GE will be provided with a full inspection report, asset photographs and descriptions.
SHM have really been GE’s eyes on the ground in this case. As well as the inspection and valuation aspect of the job, getting out to sites across the country really helps to validate Arcomet’s administrative systems and crane tracking ability, all important for GE’s asset security considerations.
The job furthers SHM’s strong working relationship with GE who understand the value of maintaining good specific market and asset knowledge.
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