Immochan, real estate subsidiary of Auchan Group announced on Feb. 26 that China's Wanda Group signed a cooperation agreement with it to invest in a retail and cultural development known as EuropaCity in northern suburb of Paris.
More than 3 billion euros ($3.27 billon) will be invested in EuropaCity project initiated and implemented by the company Immochan. It is by far the largest entertainment and leisure real estate project invested by private companies in Europe.
"Dalian Wanda’s know-how in terms of entertainment and Wang Jianlin’s ambition to develop his group on a global scale have convinced us that Wanda could make a substantial contribution to the development of EuropaCity,“ said Vianney Mulliez, President of Auchan’s Immochan real estate subsidiary.
It’s Wanda’s biggest-ever single project in Europe, which the company said will create about 14,000 jobs. “We have wanted to develop ourselves in France for a while, and particularly in Paris, as I had told the French President during his visit to China last November,“ DWG President Wang Jianlin said in a statement. “EuropaCity allows us to finally reach that objective and we are pleased to collaborate with a famous French stakeholder to develop this ambitious and innovative project. For us, it is the most important project outside of China.“
EuropaCity is a mega-project near Paris’ Charles de Gaulle Airport that will boast a theme park, attractions, cultural exhibitions, retail shops, outdoor sports venues and restaurants over about 80 hectares. It is planned to open in 2024 and expected to attract more than 30 million visitors a year.