Real estate: Predica, Foncière des Régions and the Crédit Agricole Alpes Provence Regional Bank invest in the Euromed Center project in Marseille

Crédit Agricole's life insurance subsidiary Predica, Foncière des Régions and the Alpes Provence Regional Bank have signed the Euromed Center agreement for the construction of a total 71,500 sq m net area of commercial, retail and leisure space in Marseille for 210 million euros.

This ambitious development is due to be completed in 2011, comprising 45,000 sq m of office space, 4,000 sq m of retail space, a 210-room four star hotel, a 14-screen multiplex cinema, a car park and a garden.

The agreement concerns:

• The preliminary sales agreement for land costs with public development agency Euroméditerranée 
• The property development contract with Cogedim and Unimo 
• The off-plan lease agreement with the operator of the multiplex cinema
• The lease agreement with a hotel group that will manage the four star hotel

This project comes as part of the Euroméditerranée operation of national interest, which aims to redevelop the centre of Marseille and support the municipality's targets to make the city centre more dynamic and attractive.

Lead architect Massimiliano Fuksas is working with architecture firms Lehoux Phily Samaha, International d’Architecture, Mathoulin Jardin and AB Architecture and landscape designer Michel Desvigne.