Financing the offshore extension in Monaco
Initiated by H.S.H. the Sovereign Prince, the project was the subject of an international call for applications in 2013, in order to identify an actor able to manage the whole project, to finance it and to valorize the project through the sale of real estate surfaces built. In 2015, a concession was awarded to the Société Anonyme Monégasque Anse du Portier,
a partner of Bouygues Travaux Publics. SAM Anse du Portier gathers mainly local shareholders, several well-known families in Monaco (Families Pastor, Brianti, Casiraghi, Lopez de la Osa) for two thirds of the capital, some international investors close to the Principality, and Bouygues for 10%.
These actors commit themselves to finance and carry out the extension at sea
. The total investment (including the money paid back to the State of Monaco) should be around € 3bn. Given the location of the villas and buildings, directly on the seafront, and the level of luxury of construction
, the square meters built could be negotiated around 100 000 €. The profitability outlook is therefore attractive for the group of investors, but associated with significant risk taking, given the possible vagaries of such a project and the rather distant horizon of realization of the project. What are the advantages for the Monegasque State?
What are the advantages for the State of Monaco?
The State of Monaco will receive a € 400m payment from the developers and will obviously collect the tax revenue and registration fees generated by future transactions, which are estimated at € 750M.
The State will also eventually recover the public infrastructures built, including: the storm basin for storing rainwater, a garden of one hectare, the pedestrian walk by the sea, the extension of the Grimaldi Forum, the port with 30 rings, a parking with 160 places.
These modern infrastructures and the luxurious real estate
offer generated by the project will contribute to strengthening the Principality's competitive position vis-à-vis competing destinations