Avigilon has agreed to purchase a nine-story, 135,000-square-foot office building from Telus Communications, located at 555 Robson Street in downtown Vancouver, for $42-million."This purchase is a sound investment that will help secure Avigilon's future," says Alexander Fernandes, Avigilon's founder, president, CEO and chairman of the board. "It will support our rapidly expanding workforce and serve as a distinguished location for our global headquarters."
The Building is adjacent to Telus Garden, a $750-million real estate project currently underway. When completed, the million-square foot development will represent one of the most technologically innovative and environmentally-friendly communities in the world, boasting a new office tower, a stunning residential tower, landscaped outdoor space and a variety of retail shops and restaurants. In addition to its prime location, the Building has been updated in recent years with the latest technology infrastructure, which is expected to allow for a seamless transition for Avigilon's knowledge-based employees to work in a high-tech environment
Avigilon expects the transaction to be completed in October 2015, and to transition its Vancouver-based employees to the new space in 2016. Avigilon has several financing options available in connection with the purchase and will make the final determination in connection therewith closer to the closing date. Financing possibilities include, without limitation: mortgage; debt; equity raise; or using a portion of Avigilon's working capital. In the event that Avigilon elects to finance the Building acquisition through a mortgage or similar debt financing, the monthly financing costs are expected to be on par with, or less than, the rent Avigilon currently pays for its leased office in Vancouver. This sound investment along with financing flexibility positions Avigilon well to continue its ongoing industry-leading growth.
