Bombardier completes sale of Downsview property

June 07, 2018

Torys represented Bombardier with a team that included Michael Amm, Don Roger, Andy Gibbons, Andrew Bedford, Paulina Taneva and Andrew Cooley.

On May 3, 2018, Bombardier Inc. announced that it entered into a definitive agreement to sell its Downsview Airport property to the Public Sector Pension Investment Board (PSP Investments), for gross proceeds of approximately US$635 million, subject to customary closing conditions.

The closing of the transaction was announced on June 7, 2018.

Pursuant to a lease agreement with PSP Investments, Bombardier will continue to operate from Downsview for a period of up to three years following its sale, with two optional one-year extension periods.

In parallel, Bombardier also entered into a letter of agreement with the Greater Toronto Airports Authority (GTAA) for a long-term lease of approximately 38 acres of property at Toronto Pearson International Airport on which Bombardier is planning to open a new centre of excellence and final assembly plant for its Global business jets.  

Bombardier is a global leader in the transportation industry, creating innovative and game-changing planes and trains. Headquartered in Montreal, Canada, Bombardier has production and engineering sites in 28 countries across the segments of Transportation, Business Aircraft, Commercial Aircraft and Aerostructures and Engineering Services.

Further information can be found on Globe Newswire’s website.