VINCI chosen to form "private/private"
partnership with OL Groupe
Lyon, 26 July 2011
Today a new milestone was reached in the Stade des Lumières stadium project as OL Groupe signed a framework agreement with VINCI (and its subsidiaries VINCI Concessions and VINCI Construction France) to build the stadium.
VINCI Concessions is already the operator of the Stade de France and the stadiums in Bordeaux, Le Mans and Nice, designed and built by VINCI Construction France.
The planning stage will last approximately six months. During this time, OL Groupe and VINCI will negotiate and draw up a design/build contract for the stadium. The planning stage will end when the design/build contract is signed, and the ensuing construction phase launched.
The project is estimated to cost ¤381 million excl. VAT. This includes construction, general contractor fees, acquisition of the land, installations, studies and general fees, but excludes financing costs. External partners will invest additional sums in the Stade des Lumières project, specifically in hotels, the leisure centre and office buildings. Private investment in the OL Land project should therefore total ¤450 million excl. VAT.
Under the private/private partnership, VINCI has committed to participating in the financing in the form of equity or near-equity by becoming a shareholder of up to 49% of Foncière du Montout, the project sponsor. Lazard bank has been retained to put together the full financing package. The agreement signed today with VINCI will expand the financing base and ensure a significant equity portion.
The precise amounts and delivery dates will be determined during the planning stage. As of today, the stadium is due to be delivered in the second quarter of 2014.
As stated in the press release on 1 June 2011, nine public enquiries took place between 14 June and 18 July.
The updated schedule, reflecting cost-based construction options, is in line with the schedule for building stadium access infrastructure as part of the overall eastern Lyon suburbs regional development plan:Construction permit to be obtained: late 2011 - early 2012 Signature of design/build contract: no later than 30 April 2012 Building work begins: upon signature of the design/build contract Stadium delivery: 2nd quarter of 2014
Laurence Morel Garrett
Tel: +33 4 26 29 67 33
Fax: +33 4 26 29 67 13
Stock market: Euronext Paris - compartment C
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