Bombardier sells Toronto assembly site to PSP Investments: Reuters

Canadian plane and train maker Bombardier Inc has agreed to sell its Toronto aircraft assembly site to a pension fund as part of efforts to raise extra cash under a five-year recovery plan, Reuters reported. The company, whose quarterly results beat estimates for profit by a cent, will make US$635 million ($816 million) gross from the sale to Canada's Public Sector Pension Investment Board (PSP Investments). Bombardier had said earlier this year it was looking for buyers for the sprawling Downsview property, where it assembles the Q400 and several business jets.

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