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.

If you liked the article, share on:

Topics: psa, peugeot, citroen

Comments

Recommended

Before the W177 goes on sale in 2018, Mercedes-Benz had to go back to the drawing board to check on the A Class’ interior. This is because the new model...
by - November 24, 2017
If you see the Aston Martin’s 2018 Vantage, you would think that it is significantly different from most of Aston’s GT lineup. For instance, if the DB11 is a fine...
by - November 24, 2017
Even as Chevrolet is making a huge splash in the industry with the recent launch of the new Corvette ZR1, there may be trouble brewing. Chevrolet has announced huge discounts...
by - November 24, 2017
The 2018 GMC Sierra 2500HD has arrived this week at the snowy mountains in Colorado for its winter long debut. GMC’s tracked Sierra Mountain Concept will be on display at...
by - November 24, 2017
We’re willing to bet that the Bentley Bentayga is not the first thing that comes to mind for most people who are into off-roading and outdoor activities. It just doesn’t...
by - November 23, 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