Foley Hoag Advises Engie on Sale of 50 Former Industrial Sites
February 13, 2019
Foley Hoag recently advised multinational electric utility company Engie its sale of a portfolio of 50 properties located throughout France to developers Brownfields and Vinci Immobilier, representing more than 350,000 m² of polluted plots of land to be regenerated.
The redevelopment transaction, carried out in partnership with Brownfields and Vinci Immobilier, is part of the so-called interested third party (tiers demandeur) mechanism for a number of sites. This system, set up in 2015 in application of the ALUR law, allows an industrial company to transfer to a third party its administrative obligations relating to the clean-up of its former classified installations. This is the first transaction of this magnitude to implement this procedure.
The transaction involves the redevelopment of the land so that Brownfields and Vinci Immobilier can then develop principally residential property programs. This bulk sale transaction is in line with Engie's objective to accelerate the redevelopment of its former industrial sites for other uses.
Foley Hoag partner Carine Le Roy Gleizes and associate Pauline Leddet-Troadec advised Engie on all matters related to environmental law, particularly on the implementation of the interested third party mechanism.