PG&E inventory good points after deal to promote San Francisco headquarters for $800 million

The shares of PG&E Corp. PCG, + 0.77%, rose 0.9% in pre-trading on Monday after the California-based utility announced an agreement to sell its San Francisco headquarters to Hines Atlas US LP for $ 800 million. The utility announced that it would distribute the proceeds of $ 390 million to $ 420 million in sales to its customers, subject to approval by the California Public Utilities Commission (CPUC). The company remains on track to move into its new Oakland, California headquarters in the first half of 2022. “This sale and relocation will generate cost savings that will directly help reduce customer bills,” said Chief Executive Patti Poppe. “At the same time, it will give us an efficient and effective place to work in the Bay Area as we focus on serving all of the communities in which we operate.” Separately, the company announced that it would consolidate two more California properties in San Ramon and one in Concord into the new headquarters in Oakland. The stock is down 17.5% year-to-date to Friday, while the Dow Jones Utility Average DJU, + 0.07%, 5.1% and the Dow Jones Industrial Average DJIA, + 0.44%, down 10.6% % has increased.

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