Bombardier to sell Downsview property

Bombardier Inc. has signed a deal to sell its Downsview property in Toronto for $635 million to the Public Sector Pension Investment Board.

Under a lease agreement, Bombardier will continue to operate from Downsview for up to three years following the closing of the deal, with two optional one-year extension periods.

Bombardier also signed an agreement with the Greater Toronto Airports Authority for a long-term lease of a property at Toronto Pearson International Airport where it plans a new final assembly plant for its Global business jets.

The company made the announcements as it reported its latest financial results.

Bombardier says it earned $44 million or a penny per share on $4.03 billion in revenue in the quarter ended March 31. That compared with a profit of $6 million or zero cents per share on $3.61 billion in revenue a year ago.

On an adjusted basis, Bombardier says it earned $35 million or a penny per share in the quarter compared with an adjusted profit of $38 million or a penny per share a year ago.