Peugeot-Citroën raises cash by selling its Paris headquarters
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.
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