PSAs exclusive Paris HQ will be sold and leased back for nine years

PSA's exclusive Paris HQ will be sold and leased back for nine years

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.

"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.

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