Global law firm White & Case LLP has advised Eiffage and Arcade-Vyv Group on the first concession contract granted in France for outsourced management of a housing estate owned by the Ministry of Armed Forces for a total amount of more than €7 billion.
The signing ceremony was held on February 14, 2022, and attended by the French Minister of the Armed Forces, Florence Parly.
The 35-year contract covers the renovation of more than 8,000 dwellings with the aim of improving their energy performance, to which a further approximately 4,000 dwellings currently managed by other providers under administrative lease will gradually be added. The contract also includes the construction of some 3,000 new dwellings on 55 sites across France. The contract is part of Ambition Logements, a programme within the Ministry of Armed Forces Family Plan that aims to expand housing provision for Ministry personnel and improve the environmental quality of the housing.
The work will be managed and undertaken by the dedicated project company Nové, owned equally by Eiffage and Arcade-VYV Group. The financing, amounting to approximately €1.3 billion, is provided by the European Investment Bank (EIB), ten commercial banks and the EPFP military pension fund.
The White & Case team in Paris which advised on the transaction was led by partners Jean-Luc Champy and Amaury de Feydeau and included partners Grégoire Karila, Marc Petitier, Clara Hainsdorf, Alexandre Ippolito and Jérémie Marthan, counsel Quirec de Kersauson and Emmanuel Lebaube and associates Tsveta Pencheva, Camille Fouqué, Omar Sinaceur, Mathieu Damnon and Edouard Le Breton.
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