A consortium comprising Vinci Concessions – the concessions arm of the French developer – and FAYAT, the French construction firm, has signed a 30-year public-private partnership (PPP) contract for the design, finance, construction, operation and maintenance of the new €166 million Bordeaux Stadium in south-west France.
The contract spans 30 years from the date of the commissioning of the facility, which will comprise a 40,000-seat stadium that meets the relevant criteria for hosting matches at the UEFA EURO 2016 soccer tournament, which will take place at various locations in France. The stadium will be used on a regular basis by FC Girondins de Bordeaux, a top-flight French soccer club.
The Vinci/FAYAT consortium, which was named preferred bidder in July this year, has completed financing worth €219 million. This consists of long-term debt of €114 million with a maximum maturity of 32 years; a €20 million payment from the Bordeaux municipality (which will also pay annual rent of €3.8 million for 30 years); €10 million of equity, shared equally between Vinci and FAYAT; and a total subsidy of €75 million from the state (€28 million), the city of Bordeaux (€17 million), the Aquitaine region (€15 million); and the Bordeaux Urban Community (€15 million).
Stade Bordeaux Atlantique, a joint subsidiary of Vinci Concessions and FAYAT, will handle operation of the facility alongside FC Girondins. As well as sports fixtures, it will also play host to cultural, musical and corporate events.
The operating company will be paid by annual rent from the municipality as well as proceeds from soccer matches. FC Girondins will use the new stadium from the 2015-16 season.