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Coach signs 20-year sale-leaseback for New York headquarters

Reuters

(Reuters) - Handbag maker Coach Inc <COH.N> 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 amortized 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.

(Reporting by Nikhil Subba in Bengaluru; Editing by Savio D'Souza)