GM Seeks Funding for its World Headquarters

Automobile Staff
Gm Renaissance Center

General Motors is seeking funds to invest in its world quarters in downtown Detroit: the Renaissance Center. The primary target of GM's funds pitch is the Police and Fire Retirement System, and they are trying to approach the city's other major pension fund, the General Retirement System.

The goal, according to the Detroit News, is to have the two Pension funds finance $500 million (or 80%) of the value of the corporate owned building. GM spokesman Tom Wilkinson wouldn't confirm a number, but said that the figures given by the Detroit News were "in the ballpark."

The search for investors for the Renaissance Center began in May when the previous lease by GM expired. GM does not plan to leave the landmark building, and some are optimistic about the Police and Fire Retirement System deal as many pension funds include real estate as part of their portfolios. In fact, both of the local funds themselves have invested in the recently reopened Westin Book Cadillac Hotel.

Although the search for investors in part of a $15 billion liquidity plan that GM in currently running, Wilkinson insists that the automaker would be seeking this deal regardless of its financial situation.

Source: Automotive News

Keith white
I am a CADILLAC owner who very much in love with his car its like goal i met in my life just for the symbol ever and the ride of a lifetime my car is not new but every time i get in and drive it feels brand new its the 1998 CADILLAC Catera it not a lot of these cars left around they do break allot and the parts for it is very expensive but all the reason why you should bring the model back on the market with a better look and stay strong in the american name of car design i may not be able to afford one but i would like to see it so they should give the money god knows this country needs it it also bring work back too our cities another way to save our economy oh and make the car gas efficient due to gas prices and i think people will love it hey ill help out put me in the commercial to show CADILLAC is part of the way AMERICA STAND UP AND STAY STRONG.
they want to ask for money when they are asking for bailouts? mmmmhh.

New Car Research

Find vehicle reviews, photos & pricing

our instagram

get Automobile Magazine

Subscribe to the magazine and save up to 84% off the newsstand price


new cars

Read Related Articles