French project manager and developer Realites is investing €112 mln in the Bauer real estate project in Saint-Ouen, in the Greater Paris area.
The investment will be conducted in partnership with the Banque des Territoires.
The pre-agreement foresees the setting up of two joint ventures between the two partners.
One will manage the acquisition, renovation and expansion of the Bauer stadium, home to the Red Star professional football club that plays in France’s Division 2 and in which Réalités has a 17% stake.
The other will acquire the retail and office space in the Bauer Box, a 30,000 m2 lifestyle center adjacent to the sports arena.
The renovation will create a mixed-use facility, with offices, collaborative work spaces, a health center, shops and places to go out and eat.
The centre will also host the 7,000 m2 Paris campus of the Nantes-based Audencia management school.
The final agreement is expected to be signed in the coming weeks.
Construction work kicked off in 2021 and is being carried out in such a way as to allow Red Star to continue playing its home games.
Completion is foreseen in 2024, in time for the Olympic and Paralympic Games, so that the Bauer stadium can be used as one of the training sites.
After upgrade, the stadium will be able to host 10,000 spectators.
