Michelin sells former Paris HQ

In June 2011, Michelin consolidated its Paris-based staff operations to a new site in Boulogne-Billancourt. Following this move, the company’s 12,000 square metre former headquarters has stood vacant. Michelin has now announced the property at 46 avenue de Breteuil in Paris’ seventh arrondissement has been sold to French insurer Covéa.

Proceeds from the sale amount to 110 million euros; Michelin will earn a capital gain of nearly 100 million euros from the sale, which will be recognised as non-recurring income in the first-half 2012 financial statements.