Creative Sells And Leases Back HQ For $250m

Source : The Straits Times, Mar 24, 2008

SINGAPORE'S Creative Technology Ltd, which makes digital music players, said on Monday it had agreed to sell and lease back its headquarters in the city-state for $250 million.

Creative said in a statement it was expected to reap a gain of $200 million from the deal. The gain would be treated as a deferred gain that would be amortised and recognised in its income statement over the lease term of five years.

The deal was likely to be completed by the end of June, Creative said. The buyer of the building was not named. -- REUTERS