PSA Peugeot Citroen is to sell and lease back its central Paris headquarters for nine years as part of a drive to leverage assets.
The sale – for EUR245.5m (US$328m) will see PSA’s property complex at 69-81 avenue de la Grande Armee – some 700m from the Arc de Triomphe in the French capital – sold to a subsidiary of Ivanhoe Cambridge.
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“We will [have a] sale and lease back,” a PSA spokeswoman told just-auto from Paris. “We will stay here – it will change nothing – the buy is for nine years.”
The sale is part of the property disposal programme announced by PSA Peugeot Citroën last February during the presentation of its 2011 financial results.
