Celestica says it has deal to sell property in Toronto for $137M

Sale includes corporate headquarters and manufacturing operations.

July 24, 2015   by The Canadian Press

TORONTO — Celestica says it has a deal to sell its property in Toronto, including its corporate headquarters and manufacturing operations, to a consortium of three real estate developers for $137 million.

The global electronics manufacturer says if the sale closes, it would see Diamond Corp., Lifetime Developments and Context Development Inc. work with the City of Toronto to develop the property for offices, shops and residences.

The company says the deal is also subject to municipal approvals.

The announcement came as Celestica announced it earned $24.2 million in net earnings for the second quarter ended June 30.

That’s down from $40.9 million a year ago.

Revenue amounted to $1.42 billion, a drop from $1.47 billion in the same period last year.

© 2015 The Canadian Press

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