GM wants to borrow about $500 million from pension fund.

The Associated Press
WFLS News

Date published: 10/7/2008

DETROIT (AP) - A General Motors official says 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 says talks are preliminary and the automaker is "committed to the city." It 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.

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Date published: 10/7/2008