 Unibail-rodamco : Unibail-Rodamco May Seek Partner For New Paris High-Rise
| Jeudi 25 septembre 2008 à 17:13 |
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PARIS (Dow Jones)--Franco-Dutch real-estate company Unibail-Rodamco (UL.FR) could seek a partner for a new high-rise tower it plans to build in Paris, representatives of Unibail and the Paris Chamber of Commerce said Thursday.
"Unibail's stake could be 50% or 100%; everything is still possible," Jean-Yves Durance, vice-president of the chamber of commerce told Dow Jones Newswires on the sidelines of a press conference to announce the project.
The City of Paris selected Unibail to build the 180 metre-high triangular glass tower in an attempt to fill Paris' skyline with more iconic high-rise buildings.
The building will be located near an existing exhibition center on the southern edge of Paris city limits and will comprise office space, a conference center and an hotel.
The financial details of the project are still unclear. Paris mayor Bertrand Delanoe and Unibail's Chief Executive Guillaume Poitrinal declined to provided an estimate for the cost of the project.
While the construction is set to be completed by 2012, it is unclear as yet whether the project will be solely led by Unibail or by its joint venture with the Chamber of Commerce. In that case, Unibail would only own 50% of the tower.
"It isn't impossible that the Paris chamber of commerce will also invest in the project," Durance said.
The city of Paris supports the project, but isn't putting up any of the necessary investment, the mayor's deputy Anne Hidalgo said at the conference.
-Thomas Varela and Ruth Bender, Dow Jones Newswires,; +(33)1 40 17 17 40; thomas.varela@dowjones.com
(END) Dow Jones Newswires
September 25, 2008 11:13 ET (15:13 GMT)
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