A consortium of French property developer Icade, Barclays European Infrastructure fund II, and banks Caisse des Depots and Dexia have signed a new Public-Private partnership contract to develop the Cite Sanitaire de Saint-Nazaire, in western France. The new hospitality complex will provide 794 beds and will represent an investment of EUR 280mln, excluding taxes. The development will be carried out by a new company - La Cité - which will be majority-owned by Caisse des Depots (with a 33% stake). Icade will own 16%, while Dexia and the Barclays fund will each hold a 25.5% stake.
A consortium of French property developer Icade, Barclays European Infrastructure fund II, and banks Caisse des Depots and Dexia have signed a new Public-Private partnership contract to develop the Cite Sanitaire de Saint-Nazaire, in western France. The new hospitality complex will provide 794 beds and will represent an investment of EUR 280mln, excluding taxes. The development will be carried out by a new company - La Cité - which will be majority-owned by Caisse des Depots (with a 33% stake). Icade will own 16%, while Dexia and the Barclays fund will each hold a 25.5% stake.
In a statement, Icade said this contract is the tenth-largest PPP agreement ever signed in France between private and public parties. Designed by Grenoble-based Groupe 6 Architectes, the new complex will provide 93,000 m2 of space on a 15-hectare site west of Saint-Nazaire. The scheme, which will comply with high sustainability standards, will include 1,390 parking spaces.
Together with Eiffage Immobilier, Icade will be responsible for the marketing of the complex. Construction work, to be carried out by Icade Eurogem and Eiffage Construction, will begin in mid-2009 with completion due for the first quarter of 2012.
