Avigilon, a tech company purchased Telus buildings. The Telus building is not to be confused with Telus gardens built for a whopping $750m…The Telus building is adjacent to the Telus Gardens which is looking amazing as construction nears its finishing date. When completed, the 750 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
Avigilon Corporation (“Avigilon” or the “Company“) (TSX:AVO), is a leading global provider of end-to-end security solutions which announced today that it has agreed to purchase a nine-story, 135,000 square foot office building from TELUS Communications Inc. and TELUS Communications Company (together, “TELUS“), located at 555 Robson Street (the “Building“) in downtown Vancouver, Canada for $42 million.
Avigilon paid $2m deposit to secure this deal. The closing of the purchase is conditional upon Avigilon paying the balance of the purchase price, completion of certain required construction work, registration of applicable documentation with the City of Vancouver, and other conditions customary for a transaction of this nature. Avigilon expects the transaction to be completed in October 2015, and to transition its Vancouver-based employees to the new space in 2016.
Avigilon currently has its offices on Hamilton St. Avigilon has been recognized by Deloitte as one of the world’s fastest-growing technology companies, including being ranked for five consecutive years on the Fast 50 list in Canada and four consecutive years on the Fast 500 list for North America.
According to Avigilons press release: 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.