This article comes to us from the Wall Street Journal.
French theme-park operator Euro Disney SCA has received permission from the French government to enlarge its operations, adding a third theme park, a new housing development and a vacation village.
The company, which is 47% owned by Walt Disney Co., on Tuesday said it will sign an amendment to its 1987 founding agreement with French authorities enabling it to extend its perimeter and operations. Euro Disney, which has struggled financially, said it will be allowed to increase the perimeter of the operations to 2,230 hectares, or slightly more than 5,508 acres, from 1,943 hectares, or about 4,800 acres.
In addition to paving the way for the third theme park, the amendment to the original agreement allows Euro Disney to invest in new housing developments in the Val d’Europe region, in the Paris suburbs, and develop a new vacation village project, Les Villages Nature de Val d’Europe. The theme of the project would be a sustainable development and it would be carried out in partnership with real estate group Pierre & Vacances, Euro Disney said.
Les Villages Nature de Val d’Europe, which will be launched depending on market conditions, would be developed in phases up to approximately 500 hectares within a 20-year time frame, the group said.
By 2030, projects within the new perimeter could generate an approximate investment of €8 billion ($10.3 billion) by various tourist and urban developers, including €1.8 billion for Les Villages Nature de Val d’Europe, it said.
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