Struggling car giant asks Jones Lang LaSalle to raise up to €200m from Euro sale and leasebacks.

Jennifer Rigby, Property Week – 21 Nov 2008

Stricken global car giant General Motors hopes to raise more than $750m (£499m) from sale and leasebacks across its global estate.

The US motor manufacturer – which owns some of the world’s most famous car brands, including Cadillac and Hummer, as well as Vauxhall in the UK – has appointed Jones Lang LaSalle to advise on €200m (£169m) of disposals across Europe and the UK.

In the US, it seeks to raise $500m (£330m) from a sale and leaseback of its 5.5m sq ft Detroit headquarters, the Renaissance Center.

General Motors is one of the ‘big three’ car makers in the US, along with Ford and Chrysler. It has been hit badly by the global downturn and this week was forced to go ‘cap in hand’ to the Senate with two other car companies to ask for a $25bn (£16bn) bailout.

A General Motors spokesman said: ‘In the light of the cash crunch, we are exploring a range of options that will allow us to improve our liquidity position.’ Full Article