Ballard Power sells head office building

TORONTO Mon Feb 8, 2010 8:04pm EST

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TORONTO Feb 8 (Reuters) - Ballard Power Systems (BLD.TO) said on Monday that it entered into a sale-and-leaseback agreement with Madison Pacific Properties Inc (MPC.TO) that would help shore up its cash.

The fuel cell maker said it will sell its head office building site in Burnaby, British Columbia, in return for gross cash proceeds of about C$20.8 million ($19.4 million). It will also enter into an initial 15-year lease agreement for the same property.

Ballard said earlier this month it expects revenue to grow more than 35 percent in 2010, pushing its bottom line into positive territory in 2011. [ID:nN04225927]

($1=$1.07 Canadian) (Reporting by Jeffrey Hodgson; Editing by Gary Hill)

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