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© andreypopov dreamstime.com Electronics Production | July 24, 2015

Celestica's to sell Its Toronto real estate

Celestica has entered into an agreement for the sale of its property located in Toronto, Ontario, which includes the site of Celestica's corporate headquarters and its Toronto manufacturing operations.
The site is being sold to a special purpose entity to be formed by a consortium of three real estate developers, namely Diamond Corp., Lifetime Developments and Context Development Inc. If the transaction is completed, the purchase price will be approximately CAD 137 million.

As part of the Property Sale Agreement, Celestica will enter into an interim lease for its existing head office and manufacturing premises on a portion of the real estate for an initial two-year term on a rent-free basis, which will be followed by a longer-term lease for the new home of Celestica's corporate headquarters on terms it would settle with the Property Purchaser. There can be no assurance that this transaction will be completed within two years or at all.

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