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GM Could Sell Headquarters To Raise Cash
GM Bought Renaissance Center For $626M
Tuesday, October 7, 2008 – updated: 1:11 pm EDT October 7, 2008
A General Motors official said the automaker could consider selling its downtown Detroit headquarters as part of a way to raise cash, but plans to stay in the towering complex. The Detroit News reports Tuesday General Motors Corp. wants to borrow about $500 million from one or both of Detroit's pension funds to refinance the Renaissance Center, which it bought earlier this year for $626 million. GM's executive director of worldwide real estate John Blanchard said talks are preliminary."We are committed to the city," Blanchard told the Detroit News. "We have no plans to move."GM moved its headquarters from Midtown Detroit in 1996 and initially leased the building. GM earlier announced it was putting assets such as its Hummer truck brand up for sale and could announce more asset sales this quarter.
Distributed by Internet Broadcasting Systems, Inc. The Associated Press contributed to this report. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
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