New project generates tenant interest at Val d’Europe

During a signature ceremony held during last month’s MIPIM, senior vice-president business strategy and finance and chief financial officer of Disneyland Paris Boris Solbach described the proposed building, La Fabrique, part of the emerging Val d’Europe urban development as “a very iconic design”.

Solbach explained that although the building will look like an old factory, it will be brand new and will be built from the ground up and its use will not be industrial.

“It will really stand out compared to other buildings,” Solbach told Real Asset Insight’s Richard Betts. “This will be a lighthouse project for the area.”

Although he acknowledged that the current economic environment “is actually not that easy”, Solbach said the project, which will provide 2,915 sq m of offices and 1,400 sq m of retail space, is off to a great start and the first interest from potential tenants has already been registered, even before construction starts.

“We’re actually very optimistic. Obviously the current economic environment makes it a little bit harder for investors so we have to be a little more careful on what we ask and how we position it.”

He said Val d’Europe is on a great trajectory. “We’ll manage this current crisis, we will get out of it very quickly and we already see signs of recovery in the real estate space.”

He pointed to the growing number of companies locating at Val d’Europe.

“Last year alone we added another 900 companies, small and big businesses. There are now over 7,300 companies that have their business at Val d’Europe.”