Paris seeks investors for major revamp project

The authorities in Paris are seeking partners for a massive regeneration project in the Roissy area near the French capital.

Showcased at this year’s Mipim fair, the development is part of the greater Paris regeneration project which envisages the investment of up to €25 bn by 2030 to bring new infrastructure as well as new offices, retail and housing units to the region.

‘This is a project of national interest, monitored by the government, which aims to inject new life into one of Paris’ poorest suburbs,’ said Damien Robert, CEO of Plaine de France EPA, the agency overseeing the development.

‘The whole area has already undergone a lot of development in the past few years but we need to catch up in terms of public transport and housing,’ Robert added.

In future, the Greater Paris Project will aim to deliver around 70,000 housing units a year, nearly double the amount of apartments completed today (40,000). Across this vast territory, which spans across 300 km2, EPA is overseeing two large-scale projects: Triangle de Gonesse, a new international business quarter between Roissy and Le Bourget, and the eco-quarter at Louvres and Puiseux-en-France, a residential district whose first phase has just been launched.

Located near Roissy airport, which boasts 65 million passengers a year, Triangle de Gonesse is planned to see the development of around 1 million m2 of housing, retail, and office accommodation in the coming years. Contrary to La Défense, which is mainly focused on financial services, this new business district will be targeting corporates and multinational companies across all industries, Robert said.

‘We are currently looking for partners for the office section of the project and we hope to attract international investors as well,’ he pointed out. Planning has already been completed and the company is gearing up to start on site operations.

French retail giant Auchan has been selected as the main partner for a €1.7 bn urban shopping and leisure centre to be built on the site. The complex, named Europa City, is expected to include a cultural and leisure complex including a museum, multi sport amenities and around 250,000 m2 of shops and restaurants.