Avigilon reaps a windfall through sale and leaseback of Vancouver office tower

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      It's not just homeowners who are making big bucks flipping properties.

      The security-solutions company Avigilon announced today that it has reached an agreement to sell its downtown Vancouver office tower for $107.5 million.

      It bought the building at 555 Robson Street in November 2015 for $42 million.

      The company will lease back the space.

      "The transaction unlocks over $100 million in cash, will substantially reduce our debt, and secures a state-of the-art facility to support our growing business," president and CEO Alexander Fernandes said in a news release.

      The deal is subject to certain conditions, including Avigilon meeting obligations under its credit facility.