Bouygues to build Paris tower being funded by Adia
Bouygues has won a €200 million (Dh840.5m) order to build a tower in the financial district of Paris that is being developed by the Abu Dhabi Investment Authority.
Linkcity Ile-de-France, the property development arm of a unit of Bouygues Construction, signed a contract to develop the Alto Tower at La Defense, Bouygues said.
The 150-metre tall tower was designed by IF Architectes and will comprise 38 floors of office space arranged in what the developer describes as an unusual flare shape.
It means the surface area of each floor will range from 700 square metres at the base to 1,500 sq metres at the top.
Arabian Gulf sovereign wealth funds have become prolific investors in both residential and commercial property in European cities such as Paris and London.
European commercial property investment jumped by a quarter last year to more than €238.5 billion, according to Knight Frank data.
The development will replace the Les Saisons office building and will also include shops, connecting the Ancre neighbourhood in Courbevoie with La Defense itself.
Detailed preliminary designs are expected to be completed this year, with site works starting in September.
The project is scheduled to be handed over in the first quarter of 2020.
Adia confirmed the award.
Follow The National’s Business section on Twitter
Updated: April 12, 2016 04:00 AM