The Cronos Group has established a joint venture container purchase program with a major European bank. This program is intended to acquire marine cargo containers, which will be leased to third parties by a Cronos affiliate.
Formation of the joint venture will let Cronos expand its managed container fleet, primarily in the long-term lease market. Container acquisitions will be financed 20% by equal equity contributions from both parties to the joint venture and 80% by debt financing.