France's Constructa Asset Management said it has started the redevelopment of a 66,000 m[sup]2[/sup] site in Marseille's dockland area. The French asset manager, which bought the complex last December in a joint venture with JP Morgan Asset Management from Catalyst Capital, plans to transform the site into an up-to-date business centre. The company did not disclose the planned investment amount, but said it plans to build four buildings, of which two will be residential high-rise schemes and two office properties. The assets will provide a total 90,000 m[sup]2[/sup] of space and will also include 1,000 parking spaces.
France's Constructa Asset Management said it has started the redevelopment of a 66,000 m2 site in Marseille's dockland area. The French asset manager, which bought the complex last December in a joint venture with JP Morgan Asset Management from Catalyst Capital, plans to transform the site into an up-to-date business centre. The company did not disclose the planned investment amount, but said it plans to build four buildings, of which two will be residential high-rise schemes and two office properties. The assets will provide a total 90,000 m2 of space and will also include 1,000 parking spaces.
Led by Marc Pietri, Contructa manages about EUR 5bn of assets. The company said it recently opened an office in Marseille to oversee the new project in the city. 'Marseille has undergone a great transformation over the last years,' said Philippe Couturier, president of CAM. 'We are contributing to the development of the city by creating a new skyline in the Euromediterranee district.' The site is currently home to about 220 companies
CAM said it aims to manage EUR 6bn of assets by the end of 2008 and to carry out investments of between EUR 0.5bn and EUR 1bn this year. In May Morgan Stanley appointed the company to manage 61,000 m2 of office space distributed across five assets in Arcueil, Saint-Denis (two assets), Clichy and Paris.
