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AMD plans sale-and-leaseback for its Austin campus

Posted on Wednesday, November 28 2012 @ 13:04:20 CET by


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AMD spokesman Drew Prairie confirmed that it's seeking to sell and lease back its Lone Star campus in Austin, Texas. The goal is to get between $150 million and $200 million for the 58-acre property, a sum that will give the troubled chip maker a bit more breathing room, at least in the short term. The Austin campus is AMD's single largest site in terms of number of employees, more than 2,000 employees work at the site.

Prairie added that this isn't the first time that AMD does a sale-and-leaseback operation, in the past, the chip designer did the same thing with its headquarters in Sunnyvale, California, and a building in Toronto, Canada (probably the former ATI headquarters in Markham).
The chipmaker's move to sell its campus, reported earlier by the Austin American-Statesman, comes as the company and its larger rival Intel Corp struggle with slowing personal computer sales.

"There are favorable economic conditions in the part of Austin where the campus is located," Prairie said. "Contingent on finding an investor who wants to do a multiyear lease-back, it's a good opportunity for us to unlock the value of the real estate to fund operations."

AMD's headquarters in Sunnyvale, California, and a building near Toronto were sold and leased back in the past, Prairie said.
Source: Reuters



 



 

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