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 INTERVIEW 3 questions for Francis Borezée, Vice President of Real Estate Development for Euro Disney Associés S.C.A
 How did Val d’Europe evolve to become a major economic and real estate cluster in eastern Ile-de-France?Over the past 15 years, 1,500 companies have established themselves on almost 100,000 sq. m. of office and business space, both in the town centre – by the RER station – and in the Business Park, Paris-Val d'Europe, managed by Goodman, adjoining the A4 motorway. The area’s vitality and economic diversification is mirrored through the recent establishment of several regional and national head offices for French and foreign companies such as BNP Paribas, Société Générale, KPMG, Henkel Technologies. By late 2009, the first section of the Natixis HEQ data centre, which will eventually cover 6 hectares, will be completed in the Business Park. In the town centre, the latest emblematic arrival is that of France Telecom, who has just set up a customer call centre with 300 employees working in a 3,600 sq. m. surface area. Val d'Europe enjoys a great many assests: exceptional transport service as France’s leading TGV hub, two RER Line-A stations and direct access to the A4 motorway; an appealing lifestyle in eastern Ile-de-France, thanks to the quality and diversity of its housing and landscaped environment, as well as the wide spectrum of leisure activities. Not to mention, of course, an optimal economic ratio for businesses: according to a recent KPMG survey, the overall establishment costs for Val d’Europe is, with equivalent quality, between two almost three times cheaper than for La Défense or Paris’ 8th arrondissement. This is due, in particular, to rents of about €200 per sq. m. per year for latest generation “class A” buildings. This is a powerful incentive for companies: in 2008, over 5 new businesses per week established themselves in Val d’Europe. Quite a change in scale! The unique public/private partnership that was signed in 1987 between the State, local authorities and Disney has been a key factor in this development which, in return, greatly benefits all eastern Ile-de-France. How does this public/private partnership contribute to Val d’Europe’s development? The partnership’s 20-year success is due to a “decision-making triangle” between the State, local authorities – especially the Ile-de-France Region, the Seine-et-Marne county and the Val d’Europe New Town Association (SAN) – and Euro Disney. Over the next 30 years, the combined development of Europe’s leading tourist destination – Disneyland Resort Paris – and of an economic and urban cluster is planned, as a move to reinforce the eastern part of Ile-de-France. Within this framework, we, as private operator, act as real estate co-developer of almost 2,000 hectares, with the mission to create a “new town” as well as a high-potential economic cluster. This objective has already largely been achieved, since Val d'Europe has grown from 5,000 inhabitants and a few dozen agricultural jobs in 1989, to 23,000 inhabitants and 21,000 diversified jobs today. This represents a rate of activity and exceptional balance, for both a new town and Paris’ outer suburbs. What kind of momentum do you foresee in Val d'Europe’s real estate development for 2009 and beyond? The public/private partnership will continue to flourish. Firstly, because Disneyland Resort Paris’ growth – over 200 million visits since it opened in 1992 – allows us to consider, over the coming years, new extensions to Val d’Europe’s hotel capacity – with 8,000 rooms, it ranks 4th in France outside Paris– and to both convention centres, which already host 1,200 business events per year. Next, because the area is continually enhanced with new structural facilities, such as the future regional hospital, Transdev’s HEQ transport hub and the Lycée (secondary school) with an international program, for which construction has begun and completion is planned by 2011. Lastly, because in real estate terms, Val d’Europe is paradoxically tending to increase its competitive advantage during an economic downturn, as companies are looking to reduce costs while continuing to enjoy a first-rate location. |