Tire manufacturer Michelin has sold its historic headquarters at 46 Avenue de Breteuil in Paris’ 7th arrondissement to French insurer Covéa for EUR 110 mln, reflecting a capital gain of nearly EUR 100 mln.
Tire manufacturer Michelin has sold its historic headquarters at 46 Avenue de Breteuil in Paris’ 7th arrondissement to French insurer Covéa for EUR 110 mln, reflecting a capital gain of nearly EUR 100 mln.
The disposal follows on from the consolidation of the group's Paris-based teams in Boulogne-Billancourt in June last year. The asset provides 12,000 m2 of vacant office space. Michelin was advised by Stratégies and Corp and BNP Paribas Real Estate on the sale.
