Bouygues Takes Stake in $3.3 Billion Hermitage Towers Project

Bouygues SA Construction Work

Photographer: Christophe Morin/Bloomberg

French builder and real estate developer Bouygues SA has taken a minority stake in Hermitage Plaza, a 2.9 billion-euro ($3.3 billion) project to build two skyscrapers in the business district of La Defense near Paris.

“We’re putting our technical credibility on the table,” Bernard Mounier, the chief executive officer of Bouygues Batiment Ile-de-France, said at a press conference in Paris Tuesday. He declined to provide details of Bouygues’s investment.

The stake was bought from Hermitage Group, whose Chief Executive Officer Emin Iskenderov said that details of the financing, as well as the start date for the project, will be announced soon.

The twin 320-meter tall towers designed by Foster+Partners will include 540 luxury apartments, a five-star hotel, offices and shopping areas. The project has been delayed in recent years as building permits have been challenged. Some appeals may still take place, Mounier said.

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