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Coach Signs 20-Year Sale-Leaseback for New York Headquarters

The brand has entered into a 20-year sale-and-leaseback agreement for its headquarters in New York City.

Coach Autumn/Winter 2016 campaign | Source: Coach

Reuters

01 August 2016

NEW YORK, United States — Handbag maker Coach Inc said it entered into a 20-year sale-and-leaseback agreement for its headquarters in New York City.

Coach said it received about $707 million from the deal, before transaction costs of $26 million.

The company said the deal resulted in a gain of about $30 million, which would be amortised over 20 years.

Coach said it would bring both its brands, Coach and Stuart Weitzman, under one roof, making it the largest tenant in the new building at 10 Hudson Yards.

The company did not say who it has signed the agreement with.

By Nikhil Subba; editor: Savio D'Souza.

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