PG&E stock gains after deal to sell San Francisco headquarters for $800 million

Shares of PG&E Corp. rose 0.9% in premarket trading Monday, after the California-based utility announced an agreement to sell its San Francisco headquarters complex for $800 million to Hines Atlas U.S. LP. The utility said it proposing to distribute $390 million to $420 million in proceeds from the sale to its customers, pending approval by the California Public Utilities Commission (CPUC). The company said it remains on track to move into its new headquarters in Oakland, Calif., starting in the first half of 2022. “This sale and relocation will achieve cost savings that directly help reduce customer bills,” said Chief Executive Patti Poppe. “At the same time, it will give us an efficient and effective Bay Area workspace as we focus on delivering for all of the communities we serve.” Separately, the company said it plans to consolidate two other California properties, on in San Ramon and one in Concord, into the new Oakland headquarters. The stock has dropped 17.5% year to date through Friday, while the Dow Jones Utility Average has gained 5.1% and the Dow Jones Industrial Average has advanced 10.6%.

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