French property company Foncière Atland said on Wednesday that it has signed a joint venture agreement with leading public transport operator Veolia Transport, a subsidiary of Veolia Environnement.
French property company Foncière Atland said on Wednesday that it has signed a joint venture agreement with leading public transport operator Veolia Transport, a subsidiary of Veolia Environnement.
Under the deal, Veolia will sell the freehold of a certain number of existing and future sites to the French property company, which will also help Veolia develop new properties across France. Veolia will sign a 12-year lease agreement for the existing assets as well as for the future properties, Fonciere Atland said in a statement.
In a first stage, the property company will invest EUR 30mln to acquire eight existing sites and five new ones by the end of 2008. The company said it will also acquire a second portfolio consisting of 11 assets next year.
