GM’s new partner PSA Peugeot Citroen needs more cash. To raise money, PSA sells its headquarters building in Paris and will turn into a renter. Signing GM as a new 7 percent partner apparently hasn’t improved PSA Peugeot Citroen’s cash position. Au contrair, PSA’s credit rating had gone to junk.
PSA told Reuters that it will sell its head office building in the fashionable 16th arrondissement in Paris to institutional fund manager Caisse de depot et placement du Quebec for 245.5 million euros ($326.54 million) as part of a property disposal plan announced in February.
The building is said to have 540,000 sq ft, PSA will lease back the high rent building under a renewable nine-year lease,.