PSA/Peugeot-Citroen sells Paris office to Ivanhoe Cambridge for $327 million

Article by Christian A., on April 4, 2012

PSA/Peugeot-Citroen is selling its Paris headquarters to Ivanhoe Cambridge, which is the real estate unit of Caisse de depot et placement du Quebec, as part of the automaker's initiative to lower its rising debt pile and to raise cash. Under a signed agreement entered into by the parties, the 48-year-old office will be sold for 245.5 million euros or $327 million.

The office is located around 700 meters from the Avenue des Champs-Elysees and the Arc de Triomphe. The headquarters employs around 1,900 people, most of which are working for the Peugeot brand unit and the PSA corporate holding company. The French vehicle manufacturer will lease back the office for at least nine years, the company disclosed.

In February, PSA revealed plans to put its assets up for sale after net debt increased more than twice to 3.4 billion euros in the second half. Last week, PSA also entered into a 1 billion-euro share sale wherein General Motors Co. obtained a 7% share in the French vehicle manufacturer as part of a partnership between the two parties.

Topics: psa, peugeot, citroen

If you liked the article, share on:

Comments

Recommended

Kia is taking things a step further with the new Kia Stinger, which they first introduced at the 2017 Detroit Auto Show. With the specs given to us by the...
by - June 25, 2017
Earlier this week, Nissan revealed a teaser of the new 2018 LEAF’s interior, giving us an idea of what the electric vehicle has to offer. The company released a video...
by - June 25, 2017
The primary suggestion of a 4x4 ute from French company Peugeot was first revealed in 2016. Fifteen months later, the production version is launched. Now, Peugeot is not shying away...
by - June 24, 2017
The new Jaguar E-Pace crossover will soon hold its official launch on July 13 and is expected to arrive at the showrooms by early next year. It couldn’t have come...
by - June 24, 2017
As prices of the original Shelby Cobra have skyrocketed into astronomical proportions, there are firms like Superformance that serve replicas to consumers who demand the same levels of performance at...
by - June 24, 2017
Facebook

Youtube Channel

Tip Us
Do you have a tip for us?
Did you film an important event?
Contact us
Newsletter
Subscribe to our newsletter!
Subscribe
Galleries