Unibail buys stake in venue

French property firm Unibail has bought a 50% stake in Paris entertainment venue Palais des Sports.

The facility houses three areas that can accommodate between 2,400 and 4,600 guests. Unibail plans to renovate the venue in 2006, but has already started work to install a new technical unit.

The move is part of a long-term strategy to develop Paris Expo, Unibail's exhibitions arm, which comprises six venues in the French capital including Carrousel du Louvre, Cnit La Defense, and Porte de Versailles. The latter, which is the largest of the six with 220,000 sq m of space, is also undergoing a modernisation programme.

Unibail brought all six venues together under the Paris Expo umbrella earlier in the year (Event, March).

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