France: Eurodisney and Pierre et Vacances‘ Villages Natur Project Takes Shape

After a development phase of more than ten years, Eurodisney and Pierre et Vacances-Center Parcs, along with their 50/50 joint venture Les Villages Nature de Val d’Europe S.A.S., have signed a financing agreement with a group of institutional investors for the first stage of phase 1 of their planned eco-tourism destination Villages Nature, which will be located 32 kilometers east of Paris (and six kilometers southeast of Disneyland Paris) in the French department of Seine-et-Marne. The signing of the financing agreement as well as the signing of a notarial purchase agreement at the end of June gave the green light for the start of construction for the first stage of phase 1 development of Villages Nature, which is scheduled to open for the public in 2016. Phase 1 of the development will see the construction of 916 cottages and apartments as well as recreational facilities such as a water park complex. (eap)