Doughty Hanson to develop Velodrome mall in Marseille

European fund manager Doughty Hanson & Co Real Estate has unveiled plans to finance the development of a new shopping mall adjacent to the Velodrome stadium in the southern port city of Marseille. The project will be carried out by Bouygues' GFC construction unit within the framework of its Public Private Partnership for the renovation of the area surrounding the stadium.

Acting as investor, Doughty Hanson will retain the management and marketing of the mall project.

'We are delighted to be involved in an urban regeneration project of this scale, which besides offering to the city an exceptional site to host Olympique de Marseille team and the European Nations Championship in 2016, will help revitalize the economy of the district,' said Jean Raphaël Racine-Grisoli, head of Doughty Hanson Real Estate in France.

Situated in the heart of Marseille's southern districts, the shopping centre will be located next to a subway station and will benefit from the presence of a tunnel currently under construction which will give direct access to the highway. Doughty Hanson pointed out that a number of brands have already indicated their interest in the project, which is scheduled for completion by the end of 2014.

With offices in the UK, France, Germany, Italy, Luxembourg, Spain and Sweden, Doughty Hanson is one of Europe's largest real estate fund managers. Last month, the company was awarded the development of the Valdebebas site in Madrid, Spain, after launching a EUR 113 mln offer to acquire the plot of land. The transaction represents the largest land deal recorded in the country since the beginning of the financial crisis.

The company will team up with Dutch developer Multi to build over 180,000 m² of retail and office space on the site, including the country's largest shopping centre.