Advising on the Renovation of the Vincennes Zoo
March 09, 2010
Paris, France (9 March 2010) - The French Muséum National dHistoire Naturelle (National Museum of Natural History) has signed a PPP agreement with a consortium formed of Bouygues Bâtiment Ile-de-France, Sodéarif, Exprimm, FIDEPPP, the Caisse des Dépôts et Consignations, and Icade (the Consortium) for an operating period of 25 years from the date the assets are delivered to the Museum, to which a construction period of 45 months will be added.
The PPP transaction involves the design, construction of facilities, renovation of existing facilities and exterior spaces, the financing and maintenance and upkeep of the Paris Zoological Gardens (Vincennes Zoo) (Zoo de Vincennes).
The total amount involved in renovating the Vincennes Zoo is €162 million and it is planned to re-open it to the public in the Spring of 2014. This ambitious project is intended to give Paris a 21st Century zoo housing research, teaching, and biodiversity.
The financing of the project in a maximum aggregate amount of €142,900,000 consists of a project credit in a maximum amount of €124,000,000, an equity bridge loan in a maximum amount of €14,200,000 and a VAT bridge loan in a maximum amount of €4,700,000. Such loans that will be made available to finance the construction of the project were arranged by Crédit Foncier de France (as financing agent) and Caisse d'Epargne et de Prévoyance Ile-de-France. The project credit will be partially refinanced on the date the assets are delivered to the Museum by way of an accepted and discounted Daily assignment of a portion of the investment fees paid by the Museum in accordance with the PPP agreement. This refinancing will be carried out by Crédit Foncier de France and Caisse d'Epargne et de Prévoyance Ile-de-France as well as by the Direction des Fonds d'Epargne de la Caisse des Dépôts et Consignations. The project is also partially subsidized by the French Government through payment of a €30 million subsidy.
Paul Hastings acted for the commercial banks (Crédit Foncier de France and Caisse d'Epargne et de Prévoyance Ile-de-France) with Pascal Cuche, Marc Lordonnois, Mounir Letayf, and Karine Debaecker advising on finance and public and administrative law, and with Liubomir Roglev and Arnaud Levasseur advising on company law.
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