Avigilon Corp. has engaged CBRE Ltd. to market the company's nine-storey office tower located in downtown Vancouver for a sale and leaseback.
The proposed transaction is expected to 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 $42 million, and is currently renovating and upgrading the facilities. CBRE has estimated the building, under the proposed transaction, could be valued in excess of $100 million.
“Vancouver’s real estate market is in a period of unprecedented growth,” said Alexander Fernandes, Avigilon’s founder, president, CEO 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.”
Avigilon designs, develops, and manufactures video analytics, network video management software and hardware, surveillance cameras, and access control solutions.