Michelin sells Paris headquarters for Euro110m
ERJ staff report (TB)
Tire Business staff report
Paris-- Group Michelin has sold its Paris headquarters office, in the seventh arrondissement, to Covéa Mutal Insurance Group Co. for about Euro 110 million.
The move follows the company's decision last year to consolidate its Paris-based personnel at offices in Boulogne-Billancourt, a western Paris district just outside the Peripherique beltway that rings central Paris.
Michelin did not say how long it has occupied the Avenue Breteuil office, which is a short walk from the Eiffel Tower, or how many personnel are based at the Paris offices.
Michelin said it expects to realise a capital gain of about $133 million on the sale. The gain will be recognised as a non-recurring income in the first half financial statements.
Michelin signed a nine-year lease on a 78,550-sq.-ft. office building in Boulogne-Billancourt in May 2011, according to the building's real estate agent.
Michelin's world headquarters are in Clermont-Ferrand, in south-central France near Lyon.
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Press release from Michelin
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