Avigilon Corporation announced it has engaged CBRE Limited to market the Company's 9-storey office tower located in downtown Vancouver, Canada (the "Building") for a sale and leaseback (the "Proposed Transaction").
Avigilon announced it has engaged CBRE Limited to market the Company's 9-storey office tower located in downtown Vancouver, Canada (the "Building") for a sale and leaseback (the "Proposed Transaction").
As contemplated, the Proposed Transaction would give Avigilon full use of the Building while reducing its debt, providing cash for general working capital purposes, and enhancing shareholder value. Avigilon purchased the Building in November, 2015 for CAD $42M, and is currently renovating and upgrading the facilities; CBRE has estimated the Building under the Proposed Transaction could be valued in excess of CAD $100M.
"Vancouver's real estate market is in a period of unprecedented growth," said Alexander Fernandes, Avigilon's Founder, President, Chief Executive Officer, and Chairman of the Board. "The Building is located in one of the most desirable downtown locations. This presents a great opportunity for Avigilon to secure the space needed to support our growing business and increase shareholder value."