JPMAM gives €50m revamp to Marseille docks

JP Morgan Asset Management is going ahead with plans to redevelop a dock building into a shopping centre at the heart of Marseille's Euroméditerranée development site.

JPMAM, which bought the site in 2007 on behalf of institutional investors, has teamed up with Constructa Asset Management for the redevelopment of the historical office and retail scheme which will offer a total of 17,000 m2 of retail space across 80 shops and 1,200 parking spaces.

The company will invest around €50 mln in the project, which was designed by architects 5 +1 AA Alfonso Femia and Gianluca Peluffo.

Construction work is due to start in July 2013 with completion planned for the first quarter of 2015.

'Once the essential work has been carried out at Les Docks, it will revitalize the area and offer an exciting new district to the city,' said Peter Reilly, head of European real estate at JP Morgan Asset Management.

Vinci Construction France and Girard, a specialist in historical buildings renovation, is in charge of the works.