October 3, 2007
Major New Development near Paris
France is presently going through major developments. There is a project in Massy, a town near Paris, worth over £144 million. A mix of private homes and commercial properties are to be built in the area. There is an agreement between Spanish development and investment giants Fadesa and US fund management group Colony Capital for the development of a new large-scale property project in Massy, home of several popular ski resorts.
The agreement relates to an as-yet-unnamed project covering some 100,000 square metres of floor space on a six-hectare plot in Massy presently owned by communications company Alcatel.
Fadesa’s French arm Financiere Rive Gauche will head the development project estimated to cost around £144 million. According to Fadesa, most of the project will comprise private homes with the rest given over to commercial property. Property values in and around Paris rose by 15 per cent after this development, but no announcement regarding the price-range of the properties to be developed at the Massy site has been made so far.
Posted on: Spain
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