PSA Completes Sale-Leaseback of Headquarters

PSA Peugeot Citroen says it has sold its Paris headquarters near the Champs-Elysees to a Canadian private equity funds for €246 million and signed a renewable nine-year lease at the facility. The buyer is Ivanhoe Cambridge, the real estate arm of Montreal-based Caisse de depot and placement du Quebec.

The deal is part of a restructuring plan PSA announced in February that includes divesting €1.5 billion in non-strategic assets. The carmaker says the sales will allow it to focus its resources on expansion outside Europe.

PSA has already received €440 million from the sale of its Citer car-rental unit earlier this year. The company aims to raise about €560 million for an unspecified stake in its Gefco trucking unit and €254 million from the sale of other real estate.