OFI InfraVia and Bouygues sign PPP contract for City of music in Paris
A consortium headed by Bouygues Bâtiment Ile-de-France has signed a public private partnership contract for the City of music on Seguin Island in Boulogne-Billancourt, near Paris, with the Hauts-de-Seine Department.
The project awarded to the consortium consists in the design, financing, construction, artistic and commercial operation and maintenance of a new iconic cultural facility for a period of 27 years. The value of the works will amount to €170 million.
This new 36,500 m² musical facility will be unique. The complex designed by architects Shigeru Ban and Jean de Gastines will combine concert halls, spaces for music teaching and training, recording studios, a seminar centre, restaurants and shops. In particular, it will incorporate a large hall with between 4,000 and 6,000 seats devoted to modern music and a 1,100-seat auditorium dedicated to classical and contemporary music.
Bouygues Bâtiment Ile-de-France, a subsidiary of Bouygues Construction, will be responsible for the design and construction of the City of music. The works will begin in March 2014 and conclude in June 2016. At peak periods 500 employees will be working on the site.
TF1 and Sodexo are involved in the project to provide the management and operation of the City of music, contributing their own expertise. The artistic direction will be in the hands of TF1.
The principal shareholder in the consortium is the infrastructure investor, OFI InfraVia.
Allianz Global Investors is to invest €127m in the long-term debt financing for the project. AllianzGI will manage the debt asset on behalf of Allianz France and other Allianz Group Companies over a 30 year term.
