Rogers Communications has purchased Nortel Network's primary site, which sits on 63 acres of land in Brampton, Ont...
October 25, 2005
Rogers Communications has purchased Nortel Network’s primary site, which sits on 63 acres of land in Brampton, Ont., for an estimated $100 million.
“This agreement is a win for both companies,” said Bill Owens, Nortel’s vice chairman and CEO. “This is another proof point that we continue to execute on our strategy of cost leverage through business simplification.
“A key part of this strategy has been to ensure that our real estate requirements are sized to the needs of current business realities in order to maximize our return on assets, bring our teams together, and minimize operating expense.”
Pending completion of due diligence mid-December, Rogers will take possession of the one million square foot site on Jan. 4.
Nortel is planning to relocate to two offices in the Toronto region — a sales studio and a larger corporate centre.