Bouygues’ luxury project in Montenegro
29 November 2012
Bouygues Batiment International (BBI), the international building division of Bouygues Construction, has signed a memorandum of agreement for the construction of a €180 million luxury development in Montenegro.
BBI has entered into a partnership with Integrated Property Contractor Services (Montenegro), a wholly-owned subsidiary of investment firm Future Capital Partners (FCP).
Located in Budva Bay, Montenegro, the resort will consist of a luxury hotel, residential apartment complex and conference centre.
FCP said the project was now in the final stages of raising capital, and was seeking senior financing from institutions, and equity through a joint venture partnership and the direct investment vehicles offered by FCP.
The land in Budva Bay has been bought, and FCP said that with the BBI agreement for the construction of the resort, it put the project in a strong position to attract investment from major institutions, joint venture partners and individual investors.
Returns will be derived from the sale of the luxury residential units and from the operation of the hotel, which will be run by a “world-renowned 5-star hotel group”.
It said the development, which will include 100m of beachfront, would be the first 5-star resort in Budva, one of Montenegro’s tourism hotspots. FTP quoted the World Travel & Tourism Council, saying that Montenegro, on the Adriatic Coast, would be the fastest growing tourism destination in the world, and would continue to be so for the next ten years.
Christophe Petit, development director at Bouygues Batiment International, said, “Montenegro’s potential and FCP’s experience and skill in financing and managing projects like this, made this a highly attractive opportunity for BBI.
“With Montenegro fast becoming one of the world’s number one tourism destinations, we believe this project has the opportunity to deliver an outstanding tourist resort that we will be proud to build.”