HOLLAND LANDING, Ontario – Inscape Corp., No. 122 in the FDMC 300, completed a sale and leaseback agreement of its flagship factory.
The office furniture maker said it sold the 307,000-square-foot factory and warehouse space situated on 33.6 acres to an unnamed third party for CDN$32,750,000. The sale included a 10-year leaseback agreement for Inscape to continue using the facility with two extension options of five years each. The company indicated it will not require all of the space moving forward.
“The completion of this transaction remains consistent with our strategic plan and is another material step in our efforts to improve operations and the financial profile of Inscape,” said Eric Ehgoetz, CEO. “Further details on our planned footprint reduction within Holland Landing and expected efficiencies to be derived will be detailed in subsequent press releases after completion of our full review currently in progress.”
