Filed under: Europe, Earnings/Financials, Peugeot, Citroën
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You know things are rough when you have to sell your corporate headquarters to raise some cash. But that’s just what PSA Peugeot-Citroën did this week, unloading its Parisian office building for about $327 million, according to Automotive News.
The 48-year-old headquarters is located in Paris’ central business district, not far from the Arc de Triomphe and the Champs-Elysees. According to the report, the French carmaker will continue to lease the building from its new owner, Ivanhoe Cambridge, a real estate subsidiary of Canadian pension fund management company Quebec Deposit and Investment Fund.
This latest move follows several efforts by PSA Peugeot-Citroën to reduce debt, cut costs and boost profitability. Last fall, it cut 6,000 jobs and in January it pulled out of Le Mans racing. In February, it announced a plan to liquidate assets and agreed to sell a seven-percent stake to General Motors, as part of a new global alliance that could help both car companies trim costs through shared purchasing.Peugeot-Citroën raises cash by selling its Paris headquarters originally appeared on Autoblog on Tue, 03 Apr 2012 18:29:00 EST. Please see our terms for use of feeds.
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