Peugeot Sells Headquarters in Paris to Lower Automaker’s Debt
This article is for subscribers only.
PSA Peugeot Citroen, Europe’s second biggest carmaker, signed an agreement to sell its 48-year-old headquarters in Paris as part of a broader effort to raise cash and decrease its growing debt pile.
The office, located about 700 meters (765 yards) from the Arc de Triomphe and the Avenue des Champs-Elysees, will be sold for 245.5 million euros ($327 million) to Ivanhoe Cambridge, the real estate arm of Caisse de depot et placement du Quebec, the Paris-based carmaker said in an e-mailed statement today.